NZ Super Fund extends custody mandate

Yasmine Raso

Senior Journalist, Financial Newswire

21 December 2022

The sovereign superannuation fund of New Zealand worth NZ$58.7 billion, the New Zealand Superannuation Fund (NZ Super Fund), has extended its asset servicing and custody appointment of Northern Trust following an earlier review.

The extension enables Northern Trust to continue to service the NZ Super Fund across global custody, compliance monitory and securities lending, after it also previously provided separate investment management capabilities to the sovereign fund since 2014.

“The review revalidated Northern Trust’s credentials and confirmed its suitability as an important service provider to the NZ Super Fund,” Paula Steed, NZ Super Fund’s General Manager of Strategy and Shared Services, said.

“A fund’s custodian plays a vital role in safeguarding the assets of the fund and protecting the interests of investors and future beneficiaries – which in our case means the people of New Zealand.

“Since 2007, Northern Trust has provided the NZ Super Fund with high-quality custodial and associated services and we are confident it will continue to do so.”

Northern Trust has offices across the Asia Pacific region in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Seoul, Singapore, Sydney and Tokyo, and services some of the region’s largest central banks, sovereign wealth funds, government agencies and organisations.

“We are delighted the NZ Super Fund will continue its 15-year relationship with Northern Trust, reflecting its confidence in our ability to provide solutions to meet their needs as they expand and evolve,” Leon Stavrou, Head of Australia and New Zealand at Northern Trust, said.