SWEDEN/UK/US – Northern Trust has been appointed global custodian for Swedish pension fund manager Alecta and UK company Royal Liver Assurance, adding a further 11.06 billion euros to its 1.4 trillion euros in assets under custody.

Northern Trust will provide global custody services for 7.4 billion euros in global assets for Alecta, the largest manager of pension assets in the Nordic region, with 32 billion euros in assets under management. In addition, Northern Trust will provide securities lending, commission recapture, and trade settlement services.

Gary Matheny, manager of Alecta Investment Management, said that Northern Trust emerged after a lengthy global custody review as the “best fit”.

“Northern’s system solutions should also improve Alecta’s efficiencies,” he added.

For Royal Liver Assurance, financial services and products provider, the appointment of Northern Trust marks its first employment of a global custodian.

Commenting on the 3.65 billion euro mandate, Ian Longley, treasury manager for Royal Liver said that “a superb relationship” had been created between the two parties.

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