Under the mandate, Northern Trust will provide custody, accounting and compliance monitoring services to the university’s working capital fund.
The Open University of Hong Kong is the first self-financed university established by the country’s government, offering open and distance education.
Chuen Kwok Wai Santiago, director of finance at the finance unit of The Open University of Hong Kong, said: “Northern Trust demonstrated its ability to provide solutions that meet our specific needs, allowing us to focus on our daily operations.”
He added: “The quality of product offerings, service expertise, and collaborative culture were key factors in our selection.”
Michael Wu, head of Greater China at Northern Trust, said: “At Northern Trust, we are focused on meeting the unique needs of our clients and we will work closely with The Open University of Hong Kong to ensure we deliver solutions that help them meet their objectives.”