|By Business Wire||
|February 27, 2013 08:00 PM EST||
Northern Trust today announced it has successfully completed the implementation and integration of Commonwealth Superannuation Corporation (CSC) onto its technology platform.
Northern Trust was appointed to provide master custody and related services to the AU$26bn fund in late 2011 and during the past year completed the transition of CSC’s custody arrangements.
CSC was established in July 2011 as the result of a merger between the Australian Reward Investment Alliance (ARIA) and the Military Superannuation and Benefits (MSB) Board.
During the past year Northern Trust also implemented a restructure of the ARIA Investment Trust and completed 30 June 2012 year-end reporting.
Rohan Singh, Managing Director Northern Trust Australia, said: “Northern Trust’s ability to deliver a range of online services and provide clients such as CSC with access to data for exposure and transparency purposes is key to managing risk on a real time basis.”
“Northern Trust continues to develop innovative solutions and looks forward to delivering significant value to CSC and all its clients in Australia and New Zealand as they navigate a period of significant change and an environment of increased regulatory oversight.”
Leonie McCracken, Senior Executive Operations at CSC said Northern Trust has provided CSC with a truly global asset servicing solution. “The advantages of the service capabilities that we saw during the period of due diligence are being delivered. Northern Trust’s online web portal, Passport, assists CSC to manage daily operational risk in an automated manner. In addition, the fully integrated tax system is providing accurate and fully optimised tax reporting.”
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2012, Northern Trust had assets under custody of US$4.8 trillion, and assets under investment management of US$758.9 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.