Northern Trust has won a mandate to help a UK council diversify its investment portfolio and gain greater trading efficiencies.
The mandate for Guildford Borough Council includes treasury management and integrated trading solutions, alongside global custody and trust management.
Guildford will also use Northern Trust’s post-trade analytics and investment reporting.
“Northern Trust understands that UK local government treasury teams face distinctive pressures. These include the need to generate returns while remaining within tightly-prescribed risk frameworks,” said the head of the firm’s UK institutional investor group, Mark Austin.
In 2017, Councilor Susan Parker reportedly urged the council for more prudence with its investments due to Brexit and wider uncertainty. She said she was not happy with BBB+ investments.
Earlier this week, it was announced that BNY Mellon had won the mandate to provide custody and related services to Denmark’s largest pension scheme, ATP – to which Northern Trust was previous provider.
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