Funds SA, the investment manager owned by the Government of South Australia, has awarded a $34 billion mandate to Northern Trust.
The mandate required Northern Trust to provide asset servicing, investment administration and investment data services.
Funds SA invested over $34 billion in South Australia’s public sector pension and superannuation schemes and approved authorities. It also managed external investment mandates across a range of asset classes and geographies.
Northern Trust was a wealth management company with more than US$10.9 trillion in assets under custody/administration.
Angelo Calvitto, Northern Trust country executive- Australia, said the move would allow Funds SA to focus on its core investing activities.
“We are delighted to be working with Funds SA to support their growing business and enable them to focus on their core investing activities. As institutional investors look to enhance their operating models to meet their investment needs, they require a global asset servicing partner with local insights and expertise.
“They also want to work with an organisation that delivers a high-level of client service, supported by leading-edge technology.”
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