Northern Trust appointed global custodian for Canadian pension and foundation assets 

Northern Trust has been appointed the global custodian for the University of Victoria (UVic) to service its CAD$ 2 billion of pension and foundation assets.  

By Joe Parsons

Northern Trust Canada has been appointed the global custodian for the University of Victoria (UVic) to service approximately CAD$ 2 billion in pension and foundation assets.  

The mandate also includes trustee, pension benefit payments and other associated services.  

UVic selected Northern Trust Canada for its strong focus on client service, leading-edge technology and single operating platform, which allows us to realize best practices and become more efficient,” said Andrew Coward, Treasurer of the University of Victoria.  

“We had a great working relationship from planning and preparation leading up to a smooth transition. Further, we are thankful to have transitioned to Northern Trust early in the New Year as we have experienced seamless support and service during the current Covid-19 pandemic. Automated Benefit Payment processes have been very helpful to UVic staff as they work from home.” 

Northern Trust has been building out its range of services to universities, foundations and other asset owners over the past year. Its Front Office Solutions business – which was launched last year to support the trend of asset owners requiring near real-time data on cash projections, performance and analytics, and portfolio allocations – has signed on two fund of funds, two university endowments, an OCIO, a large family office and a foundation to the service.  

In March last year, the bank also completed the transition of Knowledge First Financial, Canada’s largest RESP (Registered Education Savings Plan) and its $6 billion of assets onto its asset servicing platform. The mandate included global custody, performance, risk analytics and compliance monitoring services. 

“This selection demonstrates our global custody offering is resonating with the most prestigious Canadian universities. We look forward to continuing our partnership with UVic to help them achieve their strategic goals.” said Katie Pries, president and CEO of Northern Trust Canada. 

In the custodian’s recent announcement of its Whole Office product, an end-to-end investment ecosystem, Northern Trust emphasised how it was taken asset owners’ needs into consideration as much as asset managers with the strategy.