New Zealand Superannuation Fund and Northern Trust Extend Longstanding Relationship
Melbourne and Auckland – New Zealand’s sovereign wealth fund, the NZ$58.7 billion (approximately US$37.51 billion) New Zealand Superannuation Fund (the NZ Super Fund), is continuing its longstanding asset servicing and custody relationship with Northern Trust (Nasdaq: NTRS), following a review process earlier this year.
Northern Trust will continue to provide the NZ Super Fund with global custody, compliance monitoring and securities lending services. Northern Trust Asset Management has separately provided investment management services to the sovereign wealth fund since 2014.
Paula Steed, the NZ Super Fund’s general manager of Strategy and Shared Services, said: “The review revalidated Northern Trust’s credentials and confirmed its suitability as an important service provider to the NZ Super Fund.”
“A fund’s custodian plays a vital role in safeguarding the assets of the fund and protecting the interests of investors and future beneficiaries – which in our case means the people of New Zealand,” Steed said.
“Since 2007, Northern Trust has provided the NZ Super Fund with high-quality custodial and associated services and we are confident it will continue to do so.”
Leon Stavrou, head of Australia and New Zealand at Northern Trust, said: “We are delighted the NZ Super Fund will continue its 15-year relationship with Northern Trust, reflecting its confidence in our ability to provide solutions to meet their needs as they expand and evolve.”
Northern Trust is a full-service provider, offering a comprehensive range of customised asset servicing, asset management and capital markets solutions to its institutional and investment manager clients across Australia and New Zealand. Northern Trust has offices across Asia Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Seoul, Singapore, Sydney and Tokyo. It has strong relationships with some of the region’s largest central banks, sovereign wealth funds, government agencies and corporations.
About New Zealand Superannuation Fund
The NZ Super Fund invests money on behalf of the New Zealand Government to help pay for the increased cost of universal pension entitlements in the future. By doing this the Fund adds to Crown wealth, improves the ability of future Governments to pay for universal pensions, and ultimately reduces the tax burden on future New Zealanders. A long-term, growth-oriented investor, the Fund has around NZ$60 billion (US$43 billion) in assets. The Fund is managed by a Crown entity, the Guardians of New Zealand Superannuation.
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 a global presence with offices in 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2022, Northern Trust had assets under custody/administration of US$12.8 trillion, and assets under management of US$1.2 trillion. For more than 130 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 Twitter @NorthernTrust or Northern Trust Corporation 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.