Illinois Firefighters consolidate with Northern Trust

The Illinois Firefighters’ Pension Investment Fund (FPIF) has selected Northern Trust to provide custody services for the combined pension assets of approximately 300 firefighter pension funds across suburban Chicago and downstate Illinois. Created 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.

To consolidate assets from approximately 300 member funds, Northern Trust deployed its global transition management capabilities to track and report on each stage of the process. Northern Trust transitioned assets from 36 different custodians with a market value of >USD8bn over a 10-month period.

William Atwood, FPIF executive director, said: “FPIF spent months in preparation before executing an exhaustive selection process. Out of that process, which included the world’s premier custodial firms, FPIF determined that Northern Trust was the ideal organization with which to partner. We are optimistic about a continued and long-lived relationship with this significant Illinois-based financial institution.”

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