Press release
Northern Trust Appointed Custodian for Illinois Firefighters’ Pension Investment Fund
Northern Trust Transition Management team managed transition of $8 billion in assets for the newly consolidated Illinois FPIF CHICAGO--(BUSINESS WIRE)--
About this update from Northern Trust Corporation
[{"type":"text","content":"\nNorthern Trust Transition Management team managed transition of $8 billion in assets for the newly consolidated Illinois FPIF\n\n CHICAGO--(BUSINESS WIRE)--\nNorthern Trust (Nasdaq: NTRS) announced today its selection by the Illinois Firefighters’ Pension Investment Fund (FPIF) to provide custody services for the combined pension assets of approximately 300 firefighter pension funds across suburban Chicago and downstate Illinois.\n\nCreated by the Illinois Pension Code in 2019, the FPIF is responsible for consolidating, managing and investing the assets of municipal and fire protection district pension funds across Illinois. A nine-member Board of Trustees – made up of four active firefighters, one retired firefighter and four employee representatives – governs the fund.\n\n“We are proud to have been selected as custodian for the FPIF, a fund that is committed to providing financial security and adding value for first responders who have risked their lives for the safety of Illinois residents,” said Pete Cherecwich, President of Asset Servicing at Northern Trust. “Northern Trust meets the custodial and transition management needs of public pension fund clients with dynamic, multi-faceted solutions.”\n\nIn order to consolidate assets from approximately 300 member funds, Northern Trust employed its global Transition Management model to track and report on each stage of the process. Northern Trust transitioned a variety of assets from 36 different custodians with a market value of more than $8 billion over a 10-month period, adhering to the timeline defined by FPIF’s requirements. During the process, FPIF collaborated closely with Northern Trust transition managers across the globe, ensuring regional expertise and 24 hours a day, six days a week client service throughout the restructuring.\n\n“Our team used robust project management to design a customized solution for FPIF’s unique portfolio,” said Amanda Williams, North America Regional Practice Lead for Transition Management at Northern Trust. “With our experience and expertise, Northern Trust Transition Management can help institutional asset owners and managers navigate large and complex changes to portfolios with ease and confidence.”\n\n“One of the critical duties of any fiduciary board is to safeguard and harbor the assets entrusted to its care,” said FPIF Executive Direct...