Major custodian, Northern Trust has retained a key mandate, being reappointed by QIC Limited for a further seven years to deliver investment operations outsourcing, global custody, fund accounting, taxation and associated services for its range of Australian fund products and discrete mandates.
This re-appointment marks five years since Northern Trust commenced investment operations outsourcing for QIC in November 2011.
Commenting on the renewed mandate, QIC executive director of operations and technology, Mark McDonald said it had followed a market evaluation.
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"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," he said.
Northern Trust head of global fund services for Asia Pacific, Peter Jordan, welcomed the renewed mandate, noting that Northern Trust had evolved its partnership with QIC as their requirements and product range had changed.