Costco Wholesale Corporation has selected Northern Trust to provide its custody, daily valuation and brokerage services for Costco’s defined contribution retirement plan.
Headquartered outside of Seattle, Washington, Costco is the world's third-largest retailer. Its current defined contribution retirement plan holds US$29 billion in assets.
Costco operates 861 warehouses, including 591 in the US and Puerto Rico as well as e-commerce sites in the US and several other countries.
Commenting on the mandate, Melanie Pickett, head of asset owners, Americas at Northern Trust, says: “We look forward to providing outstanding client service to Costco.
“Our success in the defined contribution plan space is a testament to our years of experience, innovative solutions and high level of commitment to our clients’ needs.”
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