US custodian bank Northern Trust Corporation has won a mandate to provide asset servicing solutions to Australia’s Platinum Asset Management, which manages around A$11 billion (US$6.85 billion) of funds, focusing on global equities.
The services will include custody, fund administration, collateral management, outsourcing investments, and regulatory reporting, the bank says in a statement on January 15.
“As Platinum sought a more comprehensive and scalable solution, we recognised our front-to-back approach made us uniquely qualified to meet their needs,” according to Leon Stavrou, Northern Trust’s country head for Australia.
Chicago-based Northern Trust had $17.4 trillion of assets under custody and/or administration as of September 2024.