Key Takeaways
- • Northern Trust (Nasdaq: NTRS) has been reappointed by People's Pension, a UK workplace pension scheme managing £45 billion (approximately US$60.1 billion), to provide fund administration, global custody, securities lending and performance measurement.
- • The reappointment extends a relationship that began in 2018 and covers the eight-year period in which People's Pension moved to direct asset ownership and a multi-asset class structure.
- • People's Pension serves 7.2 million members and has stated a goal of becoming one of the world's largest asset owners within the decade, according to CIO Dan Mikulskis.
- • Ian Hamilton, head of asset owners for EMEA at Northern Trust, cited ongoing UK defined contribution market reform, consolidation and rising investment sophistication as drivers of the relationship.
Summary
Northern Trust announced that People's Pension has reappointed it to provide fund administration, global custody, securities lending and performance measurement services. The announcement, issued via Business Wire from London, describes the agreement as extending a relationship that began in 2018 and supports the scheme's ongoing investment and operational objectives. The release did not disclose the contract value or the term length of the renewal.
People's Pension is described as one of the United Kingdom's leading workplace pension schemes, serving 7.2 million members across businesses of all sectors. The scheme manages £45 billion in assets, approximately US$60.1 billion, according to the release. Over the past eight years, Northern Trust has supported the scheme through a significant evolution of its investment operating model, including its transition to direct asset ownership and a multi-asset class structure.
Ian Hamilton, head of asset owners for EMEA at Northern Trust, said the reappointment reflects the strength of the longstanding relationship and a shared commitment to positive outcomes for UK savers. Hamilton pointed to the provision of operational scale, governance framework and specialist expertise required by one of the UK's leading defined contribution schemes, and noted that the UK DC market is evolving through regulatory reform, consolidation and increasing investment sophistication.
Chris Fagan, Trustee and Chair of the Investment Committee at People's Pension, said the scheme is focused on strengthening its capabilities with Northern Trust. Dan Mikulskis, Chief Investment Officer at People's Pension, said building alliances with like-minded organisations is fundamental to the scheme's goal of becoming one of the world's largest asset owners within the decade, and credited Northern Trust with helping enhance transparency, stewardship and operational effectiveness.
Northern Trust Corporation, which is headquartered in Chicago and was founded in 1889, reported assets under custody/administration of US$19.9 trillion and assets under management of US$2.0 trillion as of September 30, 2026, according to the company's boilerplate. The company provides wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals.
People's Pension is described as one of the United Kingdom's leading workplace pension schemes, serving 7.2 million members across businesses of all sectors. The scheme manages £45 billion in assets, approximately US$60.1 billion, according to the release. Over the past eight years, Northern Trust has supported the scheme through a significant evolution of its investment operating model, including its transition to direct asset ownership and a multi-asset class structure.
Ian Hamilton, head of asset owners for EMEA at Northern Trust, said the reappointment reflects the strength of the longstanding relationship and a shared commitment to positive outcomes for UK savers. Hamilton pointed to the provision of operational scale, governance framework and specialist expertise required by one of the UK's leading defined contribution schemes, and noted that the UK DC market is evolving through regulatory reform, consolidation and increasing investment sophistication.
Chris Fagan, Trustee and Chair of the Investment Committee at People's Pension, said the scheme is focused on strengthening its capabilities with Northern Trust. Dan Mikulskis, Chief Investment Officer at People's Pension, said building alliances with like-minded organisations is fundamental to the scheme's goal of becoming one of the world's largest asset owners within the decade, and credited Northern Trust with helping enhance transparency, stewardship and operational effectiveness.
Northern Trust Corporation, which is headquartered in Chicago and was founded in 1889, reported assets under custody/administration of US$19.9 trillion and assets under management of US$2.0 trillion as of September 30, 2026, according to the company's boilerplate. The company provides wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.