South Yorkshire Pensions Authority (SYPA) has announced the appointment of Northern Trust as the new custodian for the South Yorkshire Pension Fund.

As part of the appointment, Northern Trust will look to “enhance the security” of the fund's £11bn investment assets while improving their efficiency and effectiveness.

SYPA said Northern Trust’s relationship with the Border to Coast Pensions Partnership was a key factor in the decision.

The connection will enable “closer collaboration” between SYPA and the pool, strengthening an already productive partnership, offering greater operational efficiencies and ensuring alignment in delivering value to their members and stakeholders, SYPA said.

SYPA head of finance and performance, Will Goddard, highlighted the benefits of the new partnership: “This is a great opportunity for the fund to benefit from Northern Trust’s extensive experience within the Local Government Pension Scheme (LGPS) and innovative approach to custodial services.

"We’re looking forward to building a strong and productive relationship that supports our long-term objectives for the benefit of the South Yorkshire LGPS scheme members.”

Northern Trust head of European asset owners, Ian Hamilton, added: “This appointment continues our long-standing commitment to the LGPS sector. Northern Trust understands the changes and challenges that the sector will navigate over the next 18 months as pools and schemes adapt and collaborate to meet the government’s timeline.

"With our experience and technology platforms, we’re well positioned to support our LGPS clients and excited to be working with South Yorkshire Pensions Authority.”

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