South Yorkshire Pensions Authority (SYPA), managing the £11.1bn South Yorkshire Pension Fund within England’s local government pension scheme (LGPS), has named Northern Trust as custodian to secure assets and boost efficiency.
Northern Trust’s relationship with the Border to Coast Pensions Partnership was a key factor that influenced the decision. According to SYPA: “This connection will enable closer collaboration between SYPA and the pool, strengthening an already productive partnership and ensuring alignment in delivering value to our members and stakeholders.”
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Will Goddard, head of finance and performance, SYPA, said: “This is a great opportunity for the fund to benefit from Northern Trust’s extensive experience within the local government pension scheme (LGPS) and innovative approach to custodial services. We’re looking forward to building a strong and productive relationship that supports our long-term objectives for the benefit of the South Yorkshire LGPS scheme members.”
Northern Trust also highlighted its commitment to supporting the LGPS sector. Ian Hamilton, head of asset owners Europe at Northern Trust, said: “We are delighted to have been appointed by South Yorkshire Pensions Authority and look forward to forming a collaborative relationship. This appointment continues our long-standing commitment to the LGPS sector. Northern Trust understands the changes and challenges that the sector will navigate over the next 18 months as Pools and Schemes adapt and collaborate to meet the Government’s timeline. With our experience and technology platforms, we’re well positioned to support our LGPS clients and excited to be working with South Yorkshire Pensions Authority.”
