NZ Super expands data deal with Northern Trust
Northern Trust (NT) has confirmed it has extended and expanded its existing data services contract with New Zealand’s sovereign wealth fund, NZ Super Fund.
The new deal, which upsizes the contract to include capabilities from Northern Trust’s Data Warehouse Solutions service, will support NZ Super Fund’s legacy overhaul as well as its data consolidation and scaling programs.
NT’s Data Warehouse Solutions boasts a full-suite, end-to-end data management service, able to aggregate data from multiple sources to a client-specific data warehouse hosted by Northern Trust.
“It also has interface, customisation, and data extraction features,” NT said.
“Data Warehouse Solutions was designed to normalise an evolving universe of providers and applications into a highly automated, fit-for-purpose data service.”
NZ Super Trust began its relationship with NT in 2007, with the provision of global custody and compliance monitoring services. In 2019, NT added its securities lending services.
Separately, Northern Trust Asset Management has also provided investment management services to the sovereign wealth fund since 2014.
NZ Super Fund’s head of data Technology Craig Cullen welcomed the expanded partnership, noting the NT solution would back the firm’s “data management and analytical ambitions”.
Cullen added: “While it is still early days in our programme, Northern Trust’s Data Warehouse Solutions have quickly and seamlessly integrated with the technologies established in our modern data stack.
“The combined solution improves resilience and supportability of data integration, with simplified and standardised data structure.
“This has made it easier to understand and work with the source data while improving data outcomes.”
The NZ Super Fund is the country’s universal superannuation scheme, investing government capital contributions to support the Government’s superannuation entitlements. The Fund currently manages around NZ$73.5 billion (AU$68.4 billion) in assets.
The whole concept of another class of financial advisers who don't need to meet the same red-tape requirements, or education…
Yeah, typical - one set of rules for Advisers and non Industry Super and a completely different set of rules…
No doubt that I'll be going into the Xmas break wondering why in the hell I bothered doing a masters…
What would happen if a publically listed company did something similar? Why aren't super funds held to the same accountability…
Well, This is not a surprise. Kick the can down the road. Bigger Fish with Bigger Cheques are more important.…