Cadent Gas Selects Northern Trust for Pension Scheme Custody
Northern Trust has been appointed by Cadent Gas Pension Trustee Limited as the custodian for its £4.6 billion pension scheme, which amounts to about US$6 billion. This partnership signifies a strategic move to bolster the management of both public and private assets, alongside performance and SORP reporting.
Significance of the Appointment
In choosing Northern Trust, Cadent Gas undertook a thorough due diligence examination designed to highlight the importance of finding a suitable asset servicing partner. The Scheme's leadership emphasized the need for unwavering support throughout its defined benefit journey, highlighting the necessity for reliable and efficient asset management.
Ian Hamilton, who leads the Asset Owners sector in Europe at Northern Trust, expressed enthusiasm about the new collaboration. He stated, "Northern Trust is an industry leader in supporting the needs of the asset-owner community and the UK pension sector specifically. We are well positioned to help Cadent Gas Pension Scheme with their changing requirements and look forward to working collaboratively to help them reach their goals." His words demonstrate a commitment to adapting and evolving with the needs of their partners.
About Northern Trust
Northern Trust Corporation, a stalwart in the field of wealth management and asset servicing, was founded in Chicago in 1889. Over the years, it has grown into a global entity, now operating in 24 U.S. states and Washington, D.C., as well as in 22 international locations, including Canada, Europe, the Middle East, and Asia-Pacific.
As of now, Northern Trust oversees more than US$17.4 trillion in assets under custody and administration, with around US$1.6 trillion in assets under management. This extensive reach confirms Northern Trust as a leader known for its exceptional service, financial expertise, integrity, and innovation.
Focus on Institutional Investors
Northern Trust's asset owner services cater to over 370 clients, which together manage assets totaling approximately US$2.8 trillion under custody across Europe, the Middle East, and Africa. This extensive clientele encompasses a wide array of institutions such as pension funds, multinational corporations, insurance companies, non-profit organizations, central banks, and sovereign wealth funds.
Future Prospects
With Northern Trust taking on this critical role in servicing the Cadent Gas Pension Scheme, stakeholders can be assured of a high standard of care and expertise. The focus moving forward will likely be on adapting to the evolving financial landscape and further enhancing the asset management capabilities that both Northern Trust and Cadent Gas have set out to achieve.
Frequently Asked Questions
What is the value of Cadent Gas Pension Scheme?
The Cadent Gas Pension Scheme is valued at £4.6 billion (approximately US$6 billion).
Who has been appointed as the custodian for Cadent Gas Pension Scheme?
Northern Trust has been appointed as the custodian for the Cadent Gas Pension Scheme.
What services will Northern Trust provide?
Northern Trust will provide custody services, as well as performance and SORP reporting for the pension scheme.
What is the history of Northern Trust?
Northern Trust was founded in Chicago in 1889 and is a leading provider of asset management and servicing solutions.
How many clients does Northern Trust serve in its asset owner business?
Northern Trust serves more than 370 clients globally in its asset owner business.
