Northern Trust has picked up a significant institutional mandate in New Zealand.
The company announced this week that the NZ$23-billion New Zealand Superannuation Fund had appointed Northern Trust's asset management arm to manage four new passive global equities mandates.
The mandates track global large cap, global small cap, developed emerging markets and developed REITs (real estate investment trusts) market indices.
Confirming the mandate, New Zealand Superannuation Fund's head of investments, Fiona Mackenzie, said around two-thirds of the fund was invested passively, providing cost-effective access to diversified global share-markets.
"Adding a third passive equity manager to our stable will give the fund more capacity and flexibility in managing this very important part of our portfolio," she said.
Northern Trust has had a custodial relationship with the fund since 2007.
