AUSTRALIA - The A$24bn Commonwealth Superannuation Corporation has hired Northern Trust as custodian, marking the firm's first full-service master custody client in Australia.
"This appointment follows a detailed search and extensive due diligence on several major providers of custodian services in Australia," said CSC's chief executive officer, Peter Carrigy-Ryan. "CSC regards its relationship with its custodian as a strategic business relationship. The effective delivery of custodial services is critical for the investment and management of the superannuation funds for which CSC is responsible."
The transition of assets will occur in early 2012.
CSC was established on 1 July following the merger of the Australian Reward Investment Alliance and MilitarySuper boards, and the Defence Force Retirement and Death Benefits Authority.
Northern Trust has $4.4trn in assets under custody.
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