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

Northern 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.

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. A nine-member Board of Trustees – made up of four active firefighters, one retired firefighter and four employee representatives – governs the fund.

“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.”

In 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.

“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.”

“One of the critical duties of any fiduciary board is to safeguard and harbor the assets entrusted to its care,” said FPIF Executive Director William Atwood. “The custodial relationship is the foundation for those protections.”

“FPIF spent months in preparation before executing an exhaustive selection process,” Atwood continued. “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.”

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2022, Northern Trust had assets under custody/administration of US$13.6 trillion, and assets under management of US$1.2 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at


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