The issuance of this debt is expected to reach a record $AU900 billion this year, driven by strong growth in Europe and growing interest in Asia.
Trump 2.0 isn’t an anomaly; it’s the end game of decades of civic and institutional erosion. Democracy has been backsliding, not because of coups but through compliance, distraction and rule-bending. For those in the capital markets, the warning signs aren’t just political, they’re systemic – and economically material.
Northern Trust loses ART
It’s certainly a time of chunky winners and losers. Northern Trust has lost the part of Australian Retirement Trust (ART) it was still administering to State Street, headed up in Australia by Tim Helyar, as a result of the merger that created the fund in the first place.
“After a comprehensive and thorough tender process, Australian Retirement Trust has chosen State Street as our preferred and primary custodian and investment administrator,” said chief financial officer Anthony Rose on Tuesday (November 1).
The official confirmation followed an initial report by this publication based on information from industry sources. The loss is likely the first – or at least, the biggest – of Northern Trust’s in Australia. Northern’s first asset servicing win in the region was NZ Super from its formation, followed by the Future Fund since its formation. QSuper, the larger of the two funds that now comprise ART, retained Northern Trust as its custodian; Sunsuper had State Street.
It’s actually something of a homecoming for State Street, which lost the QSuper business to Northern Trust in 2018 following a review by then-head of investment operations Matthew Heeney. It originally won the business from NAB Asset Servicing in 2012.
State Street and Northern Trust both declined to comment.
