Northern Trust has been selected as the asset servicer for Carpenters Trusts of Western Washington, a $2.2 billion Seattle-based self-administered Taft-Hartley trust.
The mandate will include global custody, securities lending, foreign exchange and other banking-related services.
The pension fund said it selected Northern Trust based on the bank’s client service and technology.
“We view all of our service providers as partners, so it was important that our Northern Trust team is committed to a long-term relationship. Northern Trust also offers a superior reporting package that is both concise and highly detailed, supported by the team’s expertise,” said Randy Parker, trust administrator of Carpenters.
Northern Trust’s Public Funds and Taft-Hartley segment provides asset servicing solutions to almost 200 clients with $900 billion in assets under custody (AuC).
The Chicago-based global custodian also services 30% of the top 100 national public clients, as well as 50% of the top Taft-Hartley Plans.
“We are excited to cultivate a strong partnership with Carpenters Trusts of Western Washington and look forward to providing them with the tools and technology to help drive efficiency, as well as streamlined accounting data and reporting,” added Jeffrey Porta, Taft-Hartley practice executive, Northern Trust.
The appointment is the second mandate for Northern Trust’s asset owner business this month. Last week, it was appointed the global custodian for the University of Victoria (UVic) and to service approximately CAD$ 2 billion in pension and foundation assets.