Northern Trust has been selected to provide global custody, investment mandate compliance monitoring, and performance measurement services to China’s multi-billion dollar National Social Security Fund (NSSF), the first institutional retirement fund in China to invest overseas.
The NSSF was established in September 2000 to supplement anticipated shortfalls in national and provincial pension programmes in China. The NSSF was one of the first institutional funds in China to have received Qualified Domestic Institutional Investor (QDII) status from the State Council in 2004, allowing it to invest in overseas equities markets with designated foreign currencies.
‘Northern Trust is delighted to have won this mandate and looks forward to continuing to work in partnership with the NSSF in future,’ says Kevin Tan, the Chief Representative of Northern Trust in China. ‘Our focus on China and the NSSF, as well as our innovative products and services and culture of delivering superior client service, are core to our business philosophy and key to our success.’
‘Working with institutional investors in mainland China is an integral part of Northern Trust’s overall growth strategy for the Asia-Pacific region,’ adds Frederick Waddell, the President of Northern Trust. ‘Over the past three years, we have doubled our custody assets in Asia through organic growth. We are poised for the next phase of rapid growth in Asia to capitalise on the opportunities around the region.’