Northern Trust has been appointed by the UK’s Coal Pension Trustees Services Limited (CPT) to provide asset servicing, oversight and governance functions.
CPT is the in-house executive company owned by the British Coal Staff Superannuation Scheme and the Mineworkers’ Pension Scheme – two defined benefit schemes with a combined $26 billion of assets (€21.3 billion), representing former employees in the UK’s coal industry.
Northern Trust is providing CPT with valuation reporting, performance measurement, securities lending, foreign exchange and global custody services.
It will also be responsible for oversight and governance, including specialist fund administration and analytics for CPT’s private markets portfolio.
Mark Austin, head of UK, institutional investor group at Northern Trust, said: “While the current environment is driving significant complexity and challenge for UK pensions, we are well-placed to help administer their evolving mix of investments and help clients meet their obligations around governance, reporting and risk management.”
© 2021 funds europe
