LeavePlus Appoints Northern Trust as Asset Servicing Provider

Custody, fund administration and compliance services to support Victoria’s portable long service leave scheme for construction workers

MELBOURNE, Australia--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) and LeavePlus today announced Northern Trust’s appointment to provide global custody and related services for LeavePlus, the portable long service leave scheme for Victoria’s construction industry.

Established in 1976 and celebrating its 50^th year, LeavePlus manages approximately AUD$2.6 billion (US$1.8 billion) in assets and supports more than 30,000 employers in providing long service leave benefits to over 290,000 eligible workers in Victoria’s construction industry.

Under the appointment, Northern Trust will provide an integrated suite of asset servicing, including global custody, fund administration, investment accounting, performance measurement and compliance monitoring services. The servicing model is designed to support LeavePlus’ increasingly sophisticated investment portfolio, including private markets and derivatives, while enhancing data, governance and reporting capabilities.

“Organisations are increasingly seeking providers that can deliver both operational strength and a highly engaged service experience," said Leon Stavrou, head of Australia and New Zealand at Northern Trust. “We are proud to have earned LeavePlus' confidence through our client-focused approach, service excellence, and disciplined risk culture. We look forward to working closely with LeavePlus to support its long-term investment and governance requirements."

“As LeavePlus continues to evolve, we require an asset servicing model capable of supporting the scale and complexity of our investment portfolio while enhancing access to data, reporting and investment insights in support of the long service leave entitlements of Victorian construction workers,” said Craig Bell, Chief Executive Officer at LeavePlus. “Northern Trust’s integrated capabilities, commitment to client service and strong operational risk framework were important factors in our decision and differentiated the firm throughout the selection process.”

For many decades, Northern Trust has been dedicated to serving the needs of global asset owners. The goal within the asset owner segment is to empower the missions of its clients, supporting their investment and operational objectives, so that they may serve their constituents, their communities, and the world. For LeavePlus, the partnership will help ensure the assets supporting the long service leave entitlements of more than 290,000 Victorian construction workers continue to be managed with a strong focus on service, governance and operational resilience.

About LeavePlus
LeavePlus is the portable long service leave scheme for Victoria's construction industry. For 50 years, LeavePlus has protected the long-term wellbeing of construction workers by administering portable long service leave entitlements that can be accrued across multiple employers throughout a worker's career.

Today, LeavePlus supports more than 290,000 workers and 30,000 employers and manages approximately $2.6 billion in assets. As the trustee, regulator and administrator of the scheme, LeavePlus is responsible for safeguarding worker entitlements, promoting employer compliance and ensuring the long-term sustainability of the scheme.

Guided by its vision to be the best operator of a portable entitlement scheme, LeavePlus is continuing its transformation into a modern digital regulator and administrator that is trusted by the construction industry and delivers strong outcomes for workers, employers and the broader Victorian construction sector.

LeavePlus is the trading name of CoINVEST Limited, trustee and administrator of Victoria's portable long service leave scheme for the construction industry. LeavePlus operates under the Construction Industry Long Service Leave Act 1997 (Vic) and is responsible for administering worker entitlements, regulating employer participation and managing the assets that support the scheme. Further information is available at https://www.leaveplus.com.au.

About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2026, Northern Trust had assets under custody/administration of US$19.9 trillion, and assets under management of US$2.0 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.