CANADA - The Hospitals of Ontario Pension Plan (HOOPP), one of Canada's largest pension plans, has appointed Northern Trust as its new global custodian.
The firm will also provide securities, lending and foreign exchange services to the C$22bn plan.
Commenting on the mandate, Clint Matthews, HOOPP's vice-president, Investment Finance, said: “After a complete and competitive review of the market's leading service providers, Northern Trust stood out among the competition.
“We believe their technology, product capabilities, client service and global experience will best suit the needs of our plan, both now and in the future.”
The multi-employer defined benefit plan saw its liabilities rise by C$1.4bn over 2004 to C$21.5bn, largely due to the poor returns from equity markets in 2001 and 2002 that are yet to be fully realised due to actuarial smoothing of gains and losses over a five-year period.
Established in 1960, the plan serves 146,000 active members, who work at 330 health care and related organisations in Ontario, as well as more than 67,000 pensioners.
Jeffrey Conover (pictured), president and CEO, of Northern Trust Canada, added: “Our selection by such a large and sophisticated client is a further testament of Northern Trust's world-class technology and high standards of client service.”
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