The decision to appoint Northern Trust Company came after an “extensive competitive tender process,” which required the input of Mercer Sentinel and a number of non-executive directors of relevant fiduciary entities, according to a statement by Mercer.
Northern Trust will succeed NAB Asset Servicing, which was previously the custodian of Mercer’s funds in the Australian market, the statement said.
Mercer’s leader of investment business in the pacific market, Simon Eagleton, said “Northern Trust was appointed due to the strength of its offer to meet Mercer’s business requirements and growth ambitions in both an institutional and retail investment context.”
“Northern Trust’s significant ongoing investment in technology, ability to work with us to improve efficiency and its enhanced risk management capabilities were all important considerations for us.”
Mr Eagleton added that Northern Trust will provide Mercer with timely and comprehensive access to a “richer” data set than has been available to date, along with broader access to emerging markets.
“We believe there is a strategic and cultural alignment between Mercer and Northern Trust, a global provider whose core business is custody and investment administration,” he said.
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