Northern Trust Canada has been appointed by the University of Victoria (UVic) to provide trustee, global custody, pension benefit payments and associated services for its approximately CAD $2.0 billion (USD $1.4 billion) in pension and foundation assets.
Andrew Coward, treasurer of the University of Victoria, explained that UVic selected Northern Trust Canada for its “strong focus on client service, leading-edge technology and single operating platform, which allows us to realise best practices and become more efficient”.
Coward commented: “We had a great working relationship from planning and preparation leading up to a smooth transition. Further, we are thankful to have transitioned to Northern Trust early in the New Year as we have experienced seamless support and service during the current COVID-19 pandemic. Automated benefit payment processes have been very helpful to UVic staff as they work from home.”
Katie Pries, president and CEO of Northern Trust Canada, added: "We are thrilled to have been chosen by UVic. This selection demonstrates our global custody offering is resonating with the most prestigious Canadian universities. We look forward to continuing our partnership with UVic to help them achieve their strategic goals.”
Last month, Northern Trust was appointed for a new asset servicing mandate by Modular Asset Management in Singapore, to provide a range of custody, fund administration, middle-office outsourcing, collateral management and risk compliance monitoring
