New Zealand’s sovereign wealth fund, the NZ$58.7 billion (approximately US$37.51 billion) New Zealand Superannuation Fund (the NZ Super Fund), is continuing its longstanding asset servicing and custody relationship with Northern Trust (Nasdaq: NTRS), following a review process earlier this year.

Northern Trust will continue to provide the NZ Super Fund with global custody, compliance monitoring and securities lending services. Northern Trust Asset Management has separately provided investment management services to the sovereign wealth fund since 2014.

Paula Steed, the NZ Super Fund’s general manager of Strategy and Shared Services, said “The review revalidated Northern Trust’s credentials and confirmed its suitability as an important service provider to the NZ Super Fund.”

“A fund’s custodian plays a vital role in safeguarding the assets of the fund and protecting the interests of investors and future beneficiaries – which in our case means the people of New Zealand,” Steed said.

“Since 2007, Northern Trust has provided the NZ Super Fund with high-quality custodial and associated services and we are confident it will continue to do so.”

Leon Stavrou, head of Australia and New Zealand at Northern Trust, said: “We are delighted the NZ Super Fund will continue its 15-year relationship with Northern Trust, reflecting its confidence in our ability to provide solutions to meet their needs as they expand and evolve.”

Northern Trust is a full-service provider, offering a comprehensive range of customised asset servicing, asset management and capital markets solutions to its institutional and investment manager clients across Australia and New Zealand. Northern Trust has offices across Asia Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Seoul, Singapore, Sydney and Tokyo. It has strong relationships with some of the region’s largest central banks, sovereign wealth funds, government agencies and corporations.