AUSTRALIA - The Future Fund has appointed Northern Trust as its global custodian after what was described as a "comprehensive and rigorous process".
The selection process was led by Gordon McKellar, head of operations for the Future Fund, aided by specialist custodial rating, advisory and monitoring consultancy, Thomas Murray.
McKellar commented: “Throughout the process we focused on the ability of the custodian to deliver global best practice and innovative solutions with minimal risk to the Fund; the organisational alignment of the custodian from a business strategy and people perspective; and a quantitative assessment of the capabilities and services offered.”
Paul Costello, general manager of the Future Fund, said the decision was a “milestone” for the fund.
The Future Fund, which will become Australia's largest institutional investor, was set up by the ruling Liberal government in May last year to combat the the A$101bn deficit in civil servant superannuation.
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