Northern Trust (Nasdaq: NTRS) today announces it has been reappointed by United Kingdom (UK) defined benefit (DB) pension scheme manager Brightwell as its provider of investment operations outsourcing services.
Brightwell, formerly known as BT Pension Scheme Management, is the primary service provider to the BT Pension Scheme (BTPS). This is a DB pension scheme for employees, former employees and dependents of BT Group plc and some of its associated companies. BTPS is one of the 10 largest pension schemes in the UK with £46.9 billion in assets under management (as of 30 June 2022, source: BTPS report and accounts).
Brightwell has also this year begun offering its capabilities across member services, advisory and funding and fiduciary services to other like-minded DB schemes alongside BTPS. The first agreement of this type was its recently announced fiduciary management deal with the £1 billion DB section of the EE Pension Scheme.
Peter James, chief investment administration officer at Brightwell, said: “As our longstanding provider of asset servicing solutions, Northern Trust’s capabilities support our focus on delivering sustainable funding, investment solutions and member services to UK pension scheme clients to help them reach their endgame objectives. Reappointing Northern Trust reflects its track record of service delivery for us, and our confidence in its technological capacity to support our strategic priorities over the long term.”
Laurence Everitt, head of Global Fund Services, UK, at Northern Trust, said: “Northern Trust’s services provide sophisticated investment managers with the infrastructure to support diverse and complex investments – delivering process efficiencies and meeting their continuing demands for data, transparency and insight. Our reappointment by Brightwell as its long-term provider also shows the strategic and cultural alignment between both organisations, and we are excited to support our client as it continues to develop its business.”
Northern Trust’s Global Fund Services business provides services including fund administration, global custody, investment operations outsourcing and data solutions to global investment managers – supporting a range of complex investment strategies across the full spectrum of asset classes.
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