Northern Trust has been reappointed to provide asset servicing across institutional fund manager QIC Limited’s range of Australian products.
The reappointment will see Northern Trust provide investment operations outsourcing, global custody, fund accounting, taxation and associated services to QIC for the next seven years.
QIC executive director of operations and technology Mark McDonald said Northern Trust’s global presence was a driving factor in its selection as custodian.
“Following an evaluation of the market, QIC is pleased to extend our partnership with Northern Trust, who is QIC’s strategic partner for our asset servicing needs,” he said.
“As QIC expands its global footprint, choosing a partner with a global reach, consistent client service approach and robust operating platform will enable QIC to focus on delivering innovative solutions to our clients worldwide.”
Northern Trust head of global fund services for Asia-Pacific Peter Jordan said the company was pleased to continue providing asset servicing to QIC, after having been initially appointed to do so five years ago.
“Since 2011, Northern Trust has evolved our partnership with QIC as their requirements and product range has changed,” he said.
“Our fund manager clients continue to require high quality services that support their core investment management activities and data requirements, whilst navigating an ever changing economic, political and regulatory environment.”