Under this agreement, Northern Trust will provide a suite of middle office functions such as unit pricing, registry, trade services, reconciliations, investment accounting, performance and risk analytics, post-trade compliance monitoring, client reporting, fee administration and billing.
QIC chief executive Doug McTaggart said that outsourcing middle office services will give QIC a flexible and scalable operational platform to support its local and global investment management activities.
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Northern Trust managing director for Australia and New Zealand Paul Cutts said that the Northern Trust look forward to supporting QIC’s continued growth in the Australian fund market, as well as the launch of new fund structures in Europe and other markets where QIC sees demand for its institutional strategies.
QIC is an institutional fund manager with $55.9bn under management as of 31 December 2010.
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