US - Northern Trust has lost US$2.4bn (e1.9bn) in equity and fixed income indexed mandates and a custody mandate after the Illinois State Board of Investments (ISBI) terminated its contracts with the firm.
The US$10.2bn ISBI retendered both mandates because it had learned that Northern Trust misreported the percentage of minority brokers it used to process the scheme’s business and after being inform...
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