Cross-Border Pension Pooling

Northern Trust has announced today that it is the first custodian to develop and implement a cross-border pooling solution for pension assets. The Newswire says “Northern Trust’s solution has identified structures flexible enough to support individual client needs as well as accommodate a myriad of complex individual country, regulatory, and tax requirements.” The Newswire quotes Steve Potter, Executive Vice President of Northern Trust, as saying that the arrangement “allows smaller country plans to enjoy economies of scale as part of a larger pool.”