Northern Trust has signed a custody agreement with The World Bank Treasury to provide global custody and related services for its investment management business.
The World Bank Group aims to end extreme poverty by 2030 and to boost shared prosperity by fostering the income growth of the bottom 40% of the population in the countries where it works.
The organisation has 189 member countries and offices in over 130 locations, along with over 13,000 projects.
Additionally, The World Bank Treasury, as part of its development mission, provides capacity building to sovereign entities in portfolio and risk management, and middle/back-office functions, among other functions.
“We are deeply honored to support the objectives of the World Bank and its investment management operations as an asset servicing partner,” said Pete Cherecwich, president of corporate and institutional services at Northern Trust.
“It is our distinct privilege to deliver a range of innovative asset servicing and global market capabilities to the Bank. We work in strategic partnership with our clients to assist them in their growth initiatives and to create efficiencies with asset servicing skill and technology. The World Bank is an excellent example of our commitment to this market segment, including international organisations, sovereign wealth funds, and central bank and monetary authorities.”
In a busy couple of months for Northern Trust, the custodian has secured mandates from Smithson Investment Trust, Chawton Global Investors and Corry Capital Advisors (CCA), along with a fund administration deal from Magnetar Capital, an Illinois-based $13.1 billion multi-strategy alternative asset manager.