Home / News / Northern Trust loses ART

Northern Trust loses ART

Following a "comprehensive and thorough" tender process, the $230 billion Australian Retirement Trust has consolidated its custody arrangements post-merger.
News

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.

Lachlan Maddock

  • Lachlan is editor of Investor Strategy News and has extensive experience covering institutional investment.




    Print Article

    Related
    ‘My performance doesn’t lie’: Liu responds to relationship revelations

    The romantic relationship between TenCap founders Jun Bei Liu and Jason Todd has exploded into the press, but Liu tells Investor Strategy News that her personal life has nothing to do with the running of her Alpha Plus fund.

    Lachlan Maddock | 11th Feb 2025 | More
    TelstraSuper CIO heads (back) to Mercer

    Industry veteran Graeme Miller will step into the chief investment officer job at Mercer Super after a nearly nine year stint at TelstraSuper where he played a “pivotal role” in shaping its investment strategy and approach to sustainable investing.

    Lachlan Maddock | 7th Feb 2025 | More
    Fidelity looks to niche assets, new clients for diversification

    The race to the bottom on low cost, benchmark aware solutions for a post-YFYS world has pretty much been run. But while the perception of value currently sits on price, that might not be where it ends up, according to Fidelity’s Simon Glazier.

    Lachlan Maddock | 5th Feb 2025 | More
    Popular