Key Takeaways
- • Northern Trust has been named custodian for the £4.6bn Cadent Gas Pension Scheme, according to Global Custodian, reported October 30, 2024.
- • The mandate is the latest in a string of UK pension fund custody wins for Northern Trust in 2024.
- • Earlier 2024 UK pension partnerships include Nest and Border to Coast Pensions Partnership.
- • The primary source provides limited detail beyond the mandate headline and the scheme's size.
Summary
Northern Trust has been appointed custodian for the £4.6bn Cadent Gas Pension Scheme, according to Global Custodian, which reported the mandate on October 30, 2024. The scheme is the pension arrangement for Cadent Gas, the UK gas distribution network operator, and the appointment places its assets under Northern Trust's custody services.
The mandate continues a run of UK pension business for Northern Trust during 2024. The report cites partnerships with Nest, the auto-enrolment master trust, and Border to Coast Pensions Partnership, the local government pension pool, as part of the same trend of UK pension funds consolidating or expanding custody relationships with the bank.
The primary source does not disclose the terms of the agreement, fee arrangements, or the start date of the mandate. Readers seeking those details should refer to the full Global Custodian article.
The mandate continues a run of UK pension business for Northern Trust during 2024. The report cites partnerships with Nest, the auto-enrolment master trust, and Border to Coast Pensions Partnership, the local government pension pool, as part of the same trend of UK pension funds consolidating or expanding custody relationships with the bank.
The primary source does not disclose the terms of the agreement, fee arrangements, or the start date of the mandate. Readers seeking those details should refer to the full Global Custodian article.
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