Northern Trust has been selected, by the State of Tennessee to provide investment services, for the Tennessee Consolidated retirement System and two smaller public funds, the Baccalaureate Education System Trust and the Chairs of Excellence Trust. The $29.3 billion in assets transition to Northern Trust custody today.
“Pursuant to a thorough service procurement and evaluation process, Northern Trust offered the Tennessee State Treasury the best combination of services and value with their proposal for asset custody, accounting, investment risk and analytical services and client services, at a competitive market rate.” Says, Rick DuBray, Assistant to the Tennessee State Treasurer for Support Services.
“The State of Tennessee mandate further illustrates our long-standing commitment to servicing public funds and supporting their specific investment goals and policies” says, Connie Lindsey, executive vice president, and group head of the Public Entities and Institutions segment, in the Corporate & Institutional Services business unit at Northern Trust.
The State of Tennessee Treasury Department is accountable for the receipt and disbursement of public funds, investing available cash balances and administering the Tennessee Consolidated Retirement System, Chairs of Excellence Trust and Baccalaureate Education System Trust.
Northern Trust, a multibank holding company based in Chicago, has a growing network of 84 offices in 18 U.S. states and has international offices in 13 locations in North America, Europe and the Asia-Pacific region. As of March 31, 2007, Northern Trust had assets under custody of $3.8 trillion, and assets under investment management of $756 billion.