Ottawa-based Nunavut Trust (the Trust) has selected Northern Trust to serve as global custodian for its C$1.6bn in assets.
Northern Trust will also provide cash management, securities lending, ex-ante predictive risk analytics, foreign exchange, class action processing, and alternative asset accounting services to the Trust.
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Nunavut Trust CEO Fern Elliott said, "Northern Trust’s advanced technology platform and the expertise needed to account and report on alternative assets were some of the key differentiators for us. In addition, enhanced, customizable reporting capabilities will give us the opportunity to efficiently and effectively analyze our investment data. We look forward to working with a firm committed to serving the Canadian market and to delivering a broad spectrum of high-quality services, customized options and ever-improving technology."
The Nunavut Trust was established in 1990 to manage, on behalf of the beneficiaries, capital transfers paid to the Inuit of Nunavut as laid out in the Nunavut Land Claims Agreement signed by the Inuit of Nunavut and the Government of Canada.
The Northern Trust Company, Canada head Arti Sharma remarked, "We are delighted to announce Nunavut Trust as a significant new client. With our strong service culture and ability to enhance efficiency through technology, Northern Trust can be a key resource for the Trust. We are committed to continued product and technology innovation and service excellence to maintain our growth in the Canadian institutional market."
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