Northern Trust has been appointed by Nest as its new fund administrator, replacing the current provider when the contract expires in October 2025. Northern Trust will provide services including custody, asset allocation and rebalancing, and performance measurement.
Nest was set up to ensure every UK employer could offer a workplace pension to their employees. It is the largest workplace pension scheme in the country with 13 million members and is set to become the largest by assets, forecasting that by the end of the decade it expects to have around £100bn (USD125bn) AuM.