The Abu Dhabi Pensions & Benefits Retirement Fund has chosen Northern Trust as sole global custodian. The bank will also provide investment risk and analytical services, including performance measurement and attribution analysis.
The fund was created in 2000 by the Abu Dhabi Government for national government, semi-government and private sector employees.
“We began a thorough review of our custody arrangements in late 2003 and were impressed by the way Northern Trust worked with us flexibly to respond to our requirements during our rigorous due diligence process,” says Andrew Palmer, the Financial Controller of the fund. “Key factors in our decision to appoint Northern Trust were its long history and clear expertise in supporting pension funds on a global basis, together with its client service culture, experience in the Middle East and its leading edge technological capabilities.”
“Northern Trust’s long standing experience in serving clients across the Middle East and our consultative approach means that we are well placed to offer highly effective asset servicing and asset management solutions to meet the needs of Middle East investing institutions,” adds Michael Slater, the asset servicing business development manager for the Middle East at Northern Trust. “We are delighted to have been selected for this mandate.”