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Northern Trust (NASDAQ:) has been selected by Abu Dhabi Pension Fund (ADPF) to provide a range of services effective from January 1, 2024, according to announcements made on Tuesday. The suite of services includes global custody, alternative asset administration through Front Office Solutions, liquidity solutions, performance and risk analytics, and compliance monitoring.
ADPF is a growing pool of sovereign-sponsored pension assets in the Middle East, managing contributions, pensions, and end-of-service benefits for UAE nationals affiliated with the government and private sectors in Abu Dhabi. The fund also extends its services to retirees and their beneficiaries.
Northern Trust was chosen by ADPF for its asset servicing expertise specifically designed for complex asset owners. The company’s commitment to the region and its solutions that aggregate accounting, reporting, and analytics across both public and private assets were key factors in the decision. As part of the agreement, Northern Trust will assist the ADPF with investment allocation, liquidity management, portfolio optimization, and securities lending services.
James Wright, Head of Asset Owners, EMEA at Northern Trust expressed his delight at being appointed as the global custodian by ADPF. He commented on Northern Trust’s extensive experience in the region and its commitment to delivering client-centered solutions to large, complex asset owners.
Ali Alqemzi, Chief Operating Officer for Investment at ADPF, praised Northern Trust’s focus on asset owners, particularly those with sophisticated allocations across public and private assets. He highlighted Northern Trust’s adaptability to changing financial landscapes through its investment in technology and the development of solutions targeted at funds like ADPF.
Northern Trust has a strong global presence with more than 1,800 global asset owner clients across sovereign wealth funds, corporations, not-for-profits, public funds, insurance companies, and central banks. As of June 30, 2023, Northern Trust had assets under custody/administration of $14.5 trillion, and assets under management of $1.4 trillion.
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