Northern Trust has been named the new custodian for the South Yorkshire Pensions Authority (SYPA), reports Asset Servicing Times. With this new appointment, the bank will be responsible for the security of the fund’s £11 billion investment assets.

SYPA has revealed that Northern Trust’s existing relationship with Border to Coast Pensions Partnership, one of the UK’s largest pension pools, was one of the bank’s main pull factor. The authority believes sharing a mutual connection with Northern Trust will strengthen its collaboration with the pension pool.