Northern Trust has been selected to provide global custody and related services for UnitedHealth Group, a Minnesota-based health and well-being company. The custodian will provide safekeeping, accounting and investment risk and analytical services for $25 billion in insurance assets held by the group.
“Our selection of Northern Trust was based on its integrated asset servicing solution and its commitment to deliver on the specialized services that we require specifically, enhanced data to support our investment management, regulatory reporting and risk management process,” says Robert W. Oberrender, senior vice president and treasurer of UnitedHealth Group.
Steven L. Fradkin, president of Corporate & Institutional Services at Northern Trust, adds: “We are delighted to add a company of UnitedHealth’s stature as a client in our insurance segment, which continues to grow globally. Northern Trust’s development of custody, investment accounting, risk reporting and operations outsourcing capabilities for this industry has proven to be vital as insurance clients seek operational solutions to manage and monitor increasingly complex investment portfolios.”
The latest mandate adds to Northern Trust 230 insurance clients around the globe.
(CG)