Northern Trust appointed custodian to Fiji’s sole super fund

Patrick Buncsi

15 November 2024

Northern Trust has secured a “milestone” deal to provide custody services to the Fiji National Provident Fund (FNPF).

The fund counts more than 400,000 members, with total assets of FJ$9.5 billion (AU$6.5 billion). It is the only compulsory superannuation fund in Fiji.

The FNPF adopts a multi-asset class approach, investing in a broad range of assets including listed equities, fixed-income securities, private markets, and real estate.

Naibuka Saune, the FNPF’s chief investment officer, welcomed the deal, noting that the fund had sought a partner “who could offer more comprehensive custodial services”.

“Northern Trust has proven to be that partner, allowing us to shift our focus to core investment activities while they handle our custody needs.”

Angelo Calvitto, Northern Trust’s head of Asia Pacific said the deal marks “a major milestone in our commitment to the APAC region”.

“What sets Northern Trust apart is our ability to tailor our comprehensive range of services and extended capabilities to meet FNPF’s unique needs, which helped earn the fund’s trust and confidence.

“Moving forward, we are committed to providing more holistic and collaborative solutions to support FNPF’s growth, ensuring we remain a trusted partner for long-term success.”

Globally, Northern Trust manages assets under custody/administration of US$17.4 trillion and oversees assets under management of US$1.6 trillion, as of 30 September 2024.