Northern Trust Corporation reports developments across wealth management, asset servicing, asset management and banking for institutions, corporations, affluent families and individuals. News about Northern Trust commonly covers client mandates for global custody, securities lending, fund administration, depositary services, investment operations outsourcing and accounting services, including work with public retirement systems and ETF platforms.
Recurring updates also include Northern Trust Universe performance data for pension and institutional investment plans, wealth management leadership and Global Family Office activity, quarterly financial results, common and preferred stock dividends, and technology collaborations that support investment operations workflows and reporting.
Northern Trust's FlexShares has announced the liquidation and termination of the FlexShares International Quality Dividend Defensive Index Fund (IQDE). The fund will cease accepting creation unit purchase orders after 3:00 p.m. ET on January 17, 2025.
Trading of the fund's shares will be suspended before market open on January 22, 2025, with the final trading day being January 21, 2025. Shareholders can sell their shares until the close of trading on January 21, 2025, subject to standard brokerage fees. Those who retain their shares will receive cash equal to the NAV calculated at the close of business on the closing date, with liquidation proceeds expected around January 28, 2025.
Remaining shareholders won't incur fund transaction fees, but the NAV will reflect costs from selling portfolio securities. The liquidation may have tax implications, and shareholders are advised to consult tax professionals.
Northern Trust has announced the completion of its six-month leadership development program called 'Moving Up', which was successfully completed by 17 female partners from their offices in Australia, Singapore, Hong Kong, and Beijing. The comprehensive program included workshops, external expert coaching, mentoring, and People Leader 360 Sessions with managers. Senior female leaders across APAC participated in peer coaching sessions to share their experiences.
The program enabled participants to address workplace challenges and biases while building a professional network. According to Executive Vice President Asia Pacific Angelo Calvitto, the initiative reflects Northern Trust's commitment to developing talent and helping employees reach their full potential.
Northern Trust (NTRS) has announced a reduction in its prime rate, lowering it from 7.75% to 7.50%. The new rate will take effect on Thursday, December 19, 2024.
Northern Trust has appointed John Onderdonk as National Practice Leader of Agricultural Properties. In this role, he will oversee management and consulting for agricultural properties including farmland, ranches, and timberland for the company's clients. Onderdonk brings two decades of land management experience and is a fourth-generation California rancher. He previously served as chief sustainability officer at the California Institute of Technology and held positions at AIG Environmental. Northern Trust Wealth Management, which manages over $440 billion in assets as of September 30, 2024, provides wealth management services for affluent individuals, family offices, foundations, and privately held businesses.
Northern Trust (NTRS) has signed a three-year Memorandum of Understanding with the National University of Singapore (NUS) to advance green finance innovation and blockchain technology adoption. The partnership's key initiative involves leveraging Northern Trust's Matrix Zenith platform for tokenizing green bonds, enhancing transparency and streamlining regulatory reporting.
The collaboration aims to develop solutions for ESG finance challenges and create a framework for tokenizing green assets. NUS becomes Singapore's first university to implement blockchain for ESG reporting. The partnership includes academic engagement through the Singapore Blockchain Innovation Programme at NUS School of Computing, involving research fellows and PhD candidates in solution development.
Northern Trust (NTRS) has expanded its relationship with First Sentier Investors, an Australia-based asset manager with over US$157 billion in assets under management. The new mandate integrates front-to-back solutions for First Sentier's public market fund business across Australia, Ireland, Singapore, and the United Kingdom.
The comprehensive service package includes custody, depositary/trustee services, fund accounting, share-class hedging, transfer agency, and regulatory reporting services. Northern Trust, which has provided U.S. custody and fund administration services to First Sentier since 2005 and middle office solutions since 2020, will continue offering these services under the expanded agreement.
Northern Trust's third Business Owner Benchmark reveals significant insights about business owners' plans for 2025. Despite economic concerns, many are planning major business changes. The survey, conducted in Q3 2024, shows only 8% of respondents are optimistic about the economic outlook, with concerns primarily focused on the political environment (54%), tax policy changes (42%), and global conflicts (34%).
Business owners under 65 are focusing on growth, with 30% planning to expand into new business lines and 28% considering acquisitions. Those over 65 are more interested in selling their business (33%). Notably, 64% of respondents lack confidence in their children's ability to manage inherited wealth and businesses, while 43% hope their business will exist in 100 years.
Northern Trust (NTRS) has been selected to provide Integrated Trading Solutions (ITS) for Avanza Fonder, a Stockholm-based fund company. Northern Trust will handle outsourced trading primarily for Avanza Fonder's Global, Emerging Market, European and US equity market index funds. The partnership aims to enhance Avanza Fonder's operating efficiency, mitigate operational risks, and support business growth through an integrated middle-and back-office solution.
The ITS platform offers worldwide trading expertise in equities, fixed income, derivatives, futures, and ETFs across global markets. This collaboration enables Avanza Fonder to access greater liquidity and scale while focusing on core fund management activities.
Northern Trust has appointed Jesse Crane as Regional Director for the Pacific Northwest in its Foundation & Institutional Advisors (FIA) practice. Based in Seattle, Crane will provide investment solutions to foundation, endowment, and institutional nonprofit clients. He brings over 10 years of investment management experience, previously serving as vice president at Beacon Pointe.
The FIA practice offers sophisticated investment management solutions and strategic insights to nonprofit organizations and private foundations. Northern Trust Wealth Management manages over $440 billion in assets as of September 30, 2024, serving affluent individuals, family offices, foundations, endowments, and privately held businesses.
Northern Trust has appointed Jordon Voss as President of the Pacific Northwest Region, overseeing operations in Washington, Oregon, and Idaho. Voss, who joined the company in 2014, will lead the Seattle-based team in delivering wealth management services and growing the business throughout the region. Previously serving as Managing Director of the Seattle office, Voss is a former U.S. Navy pilot and JPMorgan Chase employee. Northern Trust Wealth Management currently manages over $440 billion in assets as of September 30, 2024.