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Northern Trust Appointed Global Custodian For New Zealand Debt Management Office

Fuseworks Media
Fuseworks Media
Northern Trust Appointed Global Custodian For New Zealand Debt Management Office

Northern Trust today announced it has been appointed global custodian to the New Zealand Debt Management Office (NZDMO). Northern Trust will be responsible for the provision of core custody and related services to NZDMO's book of Fixed Income assets valued at around NZ$4.0 billion.

"NZDMO is a prestigious and significant client in New Zealand, and in the Asia Pacific region overall. A key aspect of Northern Trust's successful tender was the service model and client focus we offer, as well as a commitment to develop and grow our business in the region with large, sophisticated investors," said Jeremy Hester, Head of Business Development for Northern Trust in Australasia. "We are particularly delighted to have the opportunity to work with the NZDMO in building a relationship that delivers significant value to the client."

The appointment follows a comprehensive tender exercise which was completed in July 2008. NZDMO, established in 1988, is part of the New Zealand Treasury and is responsible for the efficient management of the Crown's debt and associated assets within an appropriate risk management framework. NZDMO's strategic objective is to maximise the long-term economic return on the Crown's financial assets and debt in the context of the Government's fiscal strategy, particularly its aversion to risk.

NZDMO's major responsibilities involve:

-- financing the Crown's borrowing requirement and managing a portfolio of

assets and liabilities

-- disbursing cash to departments

-- advancing funds to government entities in accordance with government


-- providing capital markets services and derivative transactions for

departments and Crown entities.

NZDMO managed $20.5 billion of assets, $36.9 billion of liabilities, $1.0 billion of revenue and $1.7 billion of expenses on behalf of the Crown for the year ended 30 June 2008. More information on NZDMO can be found at

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has a growing network of 85 offices in 18 U.S. states and has international offices in 15 locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2008, Northern Trust had assets under custody of US$3.5 trillion, and assets under investment management of US$652.4 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit

Northern Trust operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority.

Northern Trust in Hong Kong is a securities company regulated by the Securities and Futures Commission.

Northern Trust in Singapore is a foreign wholesale bank regulated by the Monetary Authority of Singapore.

Where Northern Trust's UK entities undertake regulated business, they are authorised and regulated in the United Kingdom by the Financial Services Authority.

-- Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services

(Guernsey) Limited, Northern Trust Fiduciary Company (Guernsey) Limited

and Northern Trust International Fund Administration Services

(Guernsey) Limited are licensed by the Guernsey Financial Services


-- Northern Trust International Fund Administrators (Jersey) Limited and

Northern Trust Fiduciary Services (Jersey) Limited are regulated by the

Jersey Financial Services Commission

-- Northern Trust Ireland is authorised by The Financial Regulator under

the Investment Intermediaries Act 1995

-- Northern Trust Global Services is authorised and regulated in the

Netherlands by De Nederlandsche Bank

-- Northern Trust Global Services Limited Luxembourg Branch is authorised

and regulated by the Financial Services Authority and in Luxembourg by

the Commission de Surveillance du Secteur Financier (CSSF) and Northern

Trust Luxembourg Management Company S.A. is regulated by the CSSF

-- Northern Trust Global Services Limited -- Abu Dhabi. Representative

Office, Licence number 13/238/2008 SOURCE: Northern Trust Corporation

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