LONDON--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) announced today that it has been appointed by Rothesay Life, one of the leading providers of regulated insurance solutions in the UK pension risk transfer market, to provide middle office services for a portfolio of over £20billion in assets under management.
A major insurer, asset owner and long-term investor, Rothesay Life currently insures more than 400,000 people and invests across multiple sectors of the UK economy including transportation, infrastructure, housing and utilities. It is being supported on Northern Trust’s sophisticated technology platform, which provides an operating model able to support all asset classes and investment strategies, as well as delivering flexibility in data management and reporting.
“For insurers such as Rothesay Life this flexibility, and the capability to track wide-ranging securities portfolios in real time, provides valuable support in meeting the complex requirements imposed on the industry by Solvency II, as well as broader governance, supervision and regulatory disclosure,” said Wilson Leech, head of Northern Trust in EMEA.
“We appointed Northern Trust based on their understanding of our investment philosophy and ability to meet our business needs,” said Jonathan Sarkar, Chief Operating Officer at Rothesay Life. “Their ability to support our general ledger and treasury management requirements were among key reasons for their appointment.”
“We are very pleased to be appointed by Rothesay Life,” said Peter Sanchez, head of middle and back office asset servicing for alternative managers. “Sophisticated investors such as Rothesay Life require the capability to carry out intraday trading and expect very close management of their assets on a day-to-day basis. As their asset servicer and middle office partner, our technology can facilitate and support them from trade capture to cash, collateral management and treasury management.”
In addition to deep expertise in servicing insurance companies in pension risk transfers, Northern Trust’s insurance practice provides asset servicing and asset management solutions to a broad spectrum of clients within the sector, including life, property and casualty, pensions, protection and indemnity, captives, as well as the specialist Lloyd's insurance market in the UK.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2016, Northern Trust had assets under custody of US$6.2 trillion, and assets under management of US$900 billion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures.
About Rothesay Life
Rothesay Life was established in 2007 and has become one of the leading providers of regulated insurance solutions in the UK market for pensions de-risking, making payments of around £902million a year in 2015 and insuring around 400,000 lives. In April 2016, it purchased a £6 billion annuity portfolio from Aegon.
Existing Rothesay Life clients include insurers Zurich UK Life and Aegon UK, and the pension schemes and members associated with such names as RSA, British Airways, Rank, Uniq, General Motors, the MNOPF (Merchant Navy Officers Pension Fund), InterContinental Hotels, Philips, CAA and GKN.
Rothesay Life is a secure long-term provider of pensions, focused on
- a flexible and committed approach to execution;
- ongoing risk management to maintain balance sheet strength; and
- robust operational processes.
Rothesay Life is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
