MELBOURNE, Australia--(BUSINESS WIRE)--Commonwealth Superannuation Corporation (CSC), the $40 billion Australian Government employee and Australian Defence Force pension fund, has endorsed Northern Trust (Nasdaq: NTRS) to remain as its preferred partner for the provision of master custody and related investment administration services.
This endorsement marks 5 years since Northern Trust was appointed as the preferred partner for CSC in October 2011. Upon initial appointment CSC was Northern Trust’s first full service master custody and related investment administration services client in the Australian superannuation industry.
“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,” said Peter Carrigy-Ryan, Chief Executive Officer of CSC. Further “over the past 5 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”.
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.”
Northern Trust is a full-service provider to the Australian and New Zealand markets and delivers a range of solutions for institutional clients including Australian investment accounting and tax, unit registry services, investment operations outsourcing and specialised custody capabilities, as well as asset management and capital markets solutions. In 2016 Northern Trust announced it had established a second office in Australia, in Sydney, following its acquisition of institutional equity brokerage Aviate Global.
CSC was established on 1 July 2011, following the passage of legislation to merge the Boards responsible for the Government employee and Military superannuation schemes.
CSC manages 11 superannuation schemes and provides superannuation services to Australian Government employees and members of the Australian Defence Force. CSC’s primary function is to administer the schemes and manage and invest the Funds in the best interests of all members and in accordance with the provisions of the various acts and deeds that govern the schemes.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 22 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2016, Northern Trust had assets under custody of US$6.7 trillion, and assets under management of US$942 billion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
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