Melbourne
22 March 2017
Reporter: Drew Nicol
Northern Trust retains Australian pension fund custody mandate
Northern Trust has received a renewed endorsement from the Australian government employee and Australian Defence Force pension fund to perform custody and related investment administration services.

The pension fund, known as the Commonwealth Superannuation Corporation (CSC), represents AUS 40 billion (USD 30.6 billion) of assets and has retained Northern Trust as its primary asset manager and supplier of capital market services since 2011.

CSC manages 11 superannuation schemes and provides superannuation services.

The renewed mandate marks the latest push by Northern Trust into the Australian market after it established a second Australian office in Sydney. The bank also acquired institutional equity brokerage Aviate Global in 2016.

Madeleine Senior, managing director of Northern Trust for Australia and New Zealand, said: “At Northern Trust, we work in partnership with all our clients to deliver the highest quality solutions to the ever-evolving requirements and challenges they are facing. Our global custody platform ensures our client’s assets are well protected and our superannuation fund clients are positioned to meet the changing political, economic and regulatory challenges.”

“Equally, as our Australian superannuation fund clients grow their relationships with us we have expanded our capital markets service offering to include securities lending, foreign exchange capabilities and brokerage. CSC values Northern Trust’s flexible and scalable global investor services and we are delighted to have the opportunity to extend our long and rewarding relationship together.”

CSC CEO Peter Carrigy-Ryan added: “CSC regards its relationship with its custodian as a strategic business relationship, and following a full market review, we are proud to continue our relationship with Northern Trust.”

“Over the past five years, we have worked closely to ensure we collectively raise the bar for global best practice in investment operations.This endorsement supports CSC’s strategic investment operational goals of automation, efficiency, robustness and transparency.’

More custody news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
BNP Paribas aims for €2 billion+ revenue
25 April 2017 | Paris | Reporter: Mark Dugdale
The French custody bank revealed the aim as part of its recent investor day, with a list of expanded service offerings proposed
BNP Paribas Securities Services wins $3.2 billion US mandate
10 April 2017 | London | Reporter: Stephanie Palmer
Raiffeisen Bank International has selected BNP Paribas Securities Services as local custodian for its $3.2 billion US domestic portfolio
Thélem trims custody counterparties
23 March 2017 | Paris | Reporter: Mark Dugdale
Thélem Assurances awarded the mandate to CACEIS after deciding to simplify its custodian relationships, according to CFO Benoit Jullien
Northern Trust retains Australian pension fund custody mandate
22 March 2017 | Melbourne | Reporter: Drew Nicol
Northern Trust has received a renewed endorsement from the Australian government employee and Australian Defence Force pension fund
FundBPO outsources workflow to DST Systems
21 March 2017 | Sydney | Reporter: Drew Nicol
Wealth management software specialist DST Systems has secured Australian fund administrator FundBPO as the first user of its new transfer agency solution for a five-year contract
J.P. Morgan reshuffles asset custody team
15 March 2017 | London | Reporter: Drew Nicol
J.P. Morgan has revamped its asset custody and agent lending desks with new talent
£550 million mandate for Northern Trust
10 March 2017 | London | Reporter: Stephanie Palmer
Northern Trust has been appointed to provide global custody and other services for £550 million in pension fund assets for the Scottish Borders Council
More custody news