Travers Smith has advised long-standing client Nest on its appointment of Northern Trust as its new fund administrator and custodian.
Through the newly awarded contract, Northern Trust will provide key services for Nest’s investment strategy, including custody, asset allocation and rebalancing, and performance measurement. The contract governs one of Nest's most important partnerships and provides the platform to manage its growth across its highly diversified portfolio, including enhancing the member journey across its range of funds.
The new partnership will oversee substantial growth in Nest, with the scheme forecast to pass £100 billion AUM in 2030, likely making it the largest UK pension scheme by both AUM size and membership.
Nilopar Uddin, Head of Investment Law at Nest said:
"Richard and his team have been outstanding advisors in the appointment of our new fund administrator and custodian. They were rigorous and methodical, ensuring all issues were thoroughly considered, and their deep understanding of Nest’s values and risks, combined with their extensive experience and diligence, has provided us with invaluable guidance. The holistic service provided by the firm has supported us through this important procurement, making the entire process seamless and comprehensive.”
Travers Smith fielded an integrated cross practice team, which was led by Technology & Commercial Transactions partner Richard Brown, alongside senior counsel Michael Ross, associate Emma Riggs and trainee Jagoda Kochan. Specialist advice was provided by partner Phil Bartram and associates Felix Bayne and Alice Hallewell in our Financial Services & Markets team; senior counsel Cindy Smith in our Derivatives and Structured Products team; and senior associate Naomi Pollock in our Employment team.
