Northern Trust's Investment Operations Outsourcing Contract is Renewed by Brightwell

Northern Trust’s Investment Operations Outsourcing Contract is Renewed by Brightwell

Renewal Prolongs Relationship with UK Defined Benefit Pension Scheme Manager for the Long Term

The United Kingdom (UK) defined benefit (DB) pension plan manager Brightwell has reappointed Northern Trust as the supplier of investment operations outsourcing services.

The main service provider for the BT Pension Scheme (BTPS) is Brightwell, formerly known as BT Pension Scheme Management. This is a defined benefit (DB) pension plan for current, former, and dependent workers of BT Group plc and several of its affiliated firms. With £46.9 billion in assets under management as of 30 June 2022 (source: BTPS report and accounts), BTPS is one of the top 10 pension plans in the UK.

Along with BTPS, Brightwell has started this year to provide its member services, advising, fundraising, and fiduciary services to other like-minded DB schemes. Its recently announced fiduciary management partnership with the £1 billion DB component of the EE Pension Scheme was the first of its kind.

“As our longtime 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,” said Peter James, chief investment administration officer at Brightwell. “Reappointing Northern Trust demonstrates our confidence in its technology capability to support our long-term strategic aims as well as its track record of service performance for us.”

“Northern Trust’s services provide sophisticated investment managers with the infrastructure to support diverse and complex investments,” said Laurence Everitt, head of Global Fund Services, UK, at Northern Trust. “We deliver process efficiencies and meet their ongoing demands for data, transparency, and insight. The fact that Brightwell has reappointed us as its long-term provider demonstrates the strategic and cultural compatibility between the two organizations, and we are eager to support our customer as it grows its business.”

The Global Fund Services division of Northern Trust offers global investment managers services such as fund administration, global custody, investment operations outsourcing, and data solutions. These services support a variety of complicated investment strategies across the full spectrum of asset classes.

Source: FinTec Buzz

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