Northern Trust announced it will provide global custody services for the Minneapolis-based UnitedHealth Group.
Northern Trust will provide safekeeping, accounting and Investment Risk & Analytical Services for $25 billion in insurance assets held by UnitedHealth Group, which provides health care and benefits.
"Our selection of Northern Trust was based on its integrated asset servicing solution and its commitment to deliver on the specialised services that we require - specifically, enhanced data to support our investment management, regulatory reporting and risk management process," said Robert Oberrender, senior vice president and treasurer of UnitedHealth Group.
"We are delighted to add a company of UnitedHealth's stature as a client in our insurance segment, which continues to grow globally," said Steven Fradkin, president of Corporate & Institutional Services at Northern Trust. "Northern Trust's development of custody has proven to be vital as insurance clients seek operational solutions to manage increasingly complex investment portfolios."
