QIC has entered into an investment operations outsourcing agreement with Northern Trust, while retaining incumbent custodian NAB Asset Servicing for back office services. QIC is one of Australia’s largest institutional fund managers with USD55.9 billion under management as of 31st December 2010.
Under an agreement approved by QIC’s Board of Directors, Northern Trust has been appointed to provide a broad suite of middle office functions including unit pricing, registry, trade services, reconciliations, investment accounting, performance and risk analytics, post-trade compliance monitoring, client reporting, fee administration and billing. The appointment of Northern Trust was made after a comprehensive due diligence and selection process.
“Outsourcing middle office services will give QIC a flexible and scalable operational platform to support our local and global investment management activities,” QIC Chief Executive Doug McTaggart says. “We chose Northern Trust because of their depth and breadth of expertise in middle office services and their ability to deliver what QIC is looking for.”
Investment Operations Outsourcing is a growing business at Northern Trust, says Steven Fradkin, President of Corporate and Institutional Services at Northern Trust. “As investment firms increasingly see the value in a specialist provider that can deliver true transparency, greater control and speed to market for their products, clients want a partner who becomes an extension of their business. Northern Trust’s culture, steeped in partnership and service, is a perfect fit for the operations outsourcing relationship.”