Northern Trust has been selected by Federated Mutual Insurance Company of Owatonna, Minnesota, to provide global custody and cash management services.
As part of the mandate, Northern Trust will service over $7 billion in insurance assets.
Michael Keller, chief financial officer of Federated Insurance, said: “Northern Trust demonstrated a high level of industry expertise and a passion for client service, along with superior technology that will effectively support our investment programme.”
Chris Dvorak, head of insurance solutions at Northern Trust, said: “We appreciate the opportunity to work with Federated Mutual and bring our industry expertise to one of the nation’s most respected mutual insurance companies.”
Dvorak added: “We look forward to providing them with comprehensive product and technology solutions that will enable them to be increasingly innovative and agile in their investment decisions, ultimately helping them drive bottom line performance.”
Recently Northern Trust also announced it had bolstered its asset servicing business in the Middle East and Africa with two new senior appointments, based in Abu Dhabi, United Arab Emirates.
