Northern Trust Launches Cross-Border Pooling

Northern Trust has added the first pension funds governed by the U.S. Employee Retirement Income Security Act (ERISA) to its cross-border pooling platform.

With about $4 billion in North American and European equity investments, the U.S. pension plans invest in a limited U.S. partnership along with Canadian employee pension and welfare plans.

In a statement, Marty Campbell, North American Cross-Border Pooling Product Manager for Northern Trust, said, “We are excited to work with U.S. pension clients to set a new standard for ERISA plan investment management efficiencies and operations.”

He added, “ERISA plans face significant regulatory oversight, and Northern Trust’s pooling platform makes it easier for our clients to meet that challenge. In addition, our product leadership in this area will assist multinationals in offering a consistent investment strategy across plans in the U.S. and outside the U.S while achieving efficient investment operations which, in turn, will provide significant benefits to pension beneficiaries and plan sponsors.”

Northern Trust developed the first custody and fund accounting platform for cross-border pooling to help multinationals streamline management and risk control for their global pension plans.