10 March 2015
London
Reporter: Stephanie Palmer

Northern Trust provides securities lending for PPF


The Pension Protection Fund (PPF) has appointed Northern Trust to provide securities lending and custody services for its £20 billion in pension assets.

PPF, known as the UK’s ‘pension lifeboat’ fund offers compensation to members of defined benefit schemes if their employer does not have enough assets to pay out.

Northern Trust will also provide collateral management and performance measurement services for the fund.

PPF has more than 200,000 members and help about 11 million people in the UK through 6,000 defined benefit schemes. It has multiple asset managers and invests across various asset classes.

Andy McKinnon, chief financial officer of PPF, said: “We appointed Northern Trust based on their proven expertise in supporting some of the most advanced pension funds in the UK and Continental Europe.”

He added: “As our assets continue to grow we look forward to working with Northern Trust as they deliver innovative solutions to support our evolving requirements.”

Northern Trust now services five of the top 10 pension funds in the UK, representing more than £240 billion in assets, or about 20 percent of the UK pensions market.

Penelope Biggs, head of Northern Trust’s institutional investor group in Europe, the Middle East and Africa, said: “We are proud to have been appointed by PPF as they evolve in terms of scale and sophistication.”

She added: “The retirement market in the UK faces dramatic change, particularly around defined benefit schemes, and our expertise and proven track record positions us to support the PPF with flexible and creative solutions tailored to their specific needs.”

More mandate news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Lombard Risk dominates Canada with new mandate win
18 July 2017 | London | Reporter: Drew Nicol
Lombard Risk Management has tightened its grip on the Canadian banking market with another major bank signed up to its flagship Colline collateral management solution
Mirae Asset Securities chooses BNP Paribas for global custody
12 July 2017 | New York | Reporter: Mark Dugdale
BNP Paribas will provide the US broker-dealer and subsidiary of Mirae Asset Financial Group with global custody services in the Americas, Europe and Asia
Italian pension fund Fondo Pensione Prevedi has selected BNP Paribas Securities Services to provide it with securities lending services
LGPS board releases transparency code for managers
22 May 2017 | London | Reporter: Drew Nicol
Asset managers looking to claim mandates from the LGPS pooling initiative can now sign up to a new fee transparency code ahead of the April 2018 deadline
SS&C wins expanded Acadian mandate
17 May 2017 | Connecticut | Reporter: Drew Nicol
Acadian Asset Management cites collateral management and accounting expertise as key to SS&C mandate
Pension funds pick NT for sec lending
28 April 2017 | Belfast | Reporter: Stephanie Palmer
Northern Trust has secured its thirteenth Irish state pension fund as a securities lending services client
Euronext and ICE Clear partner up
05 April 2017 | Amsterdam | Reporter: Drew Nicol
Clearing operations will be run from Amsterdam, while a new asset financing solution will be built by Euronext and operated from Paris