Northern Trust exceeds $1 trillion in defined contribution assets under custody and administration

CHICAGO–(BUSINESS WIRE)–New corporate and public pension plan business pushed global defined contribution (DC) assets under Northern Trust’s custody and administration past $1 trillion, as businesses and government entities focus on employee retirement security.

Northern Trust has over 140 global DC clients, now with over $1.4 trillion in assets (as of March 31, 2021). Clients include 12 of the 50 largest defined contribution plans in the United States, measured by total assets, as well as plans in Australia, the United Kingdom and other countries in EMEA (Europe, Middle East). East and Africa).

“As it develops, the market for defined contribution pension plans becomes more complex. We can see this growing complexity with the SECURE Act 2.0 currently making its way through the US Congress, covering provisions such as automatic enrollment, multiple employer plans and investing in collective investment funds, to name a few. to name a few,” said Peter Lantero, Head of US Institutional Investors Group at Northern Trust. “We are committed to helping our clients in a changing environment with the support of our customized solutions, including plan pooling, liquidity services and DB/DC consolidation, as well as expert advice to meet changing needs of plan sponsors and participants. »

Northern Trust has been actively involved in advancing the defined contribution industry since the adoption of ERISA in 1974 in the United States and plays a role in various DC industry associations around the world, including the American Bankers Association Council on Retirement and Employee Benefits. , the Defined Contribution Investment Industry Association and the Defined Contribution Alternatives Association in the United States, and the Pensions and Longtime Savings Association and the Defined Contribution Investment Forum in the United Kingdom.

“Northern Trust’s sponsorship and executive leadership in industry organizations enhances our ability to deliver solutions to both the marketplace and plan sponsors,” said Serge Boccassini, Senior Vice President of Product Management at Northern. Trust. “Through global participation and leadership, we aim to bring value to industry and regulators to help find better solutions and improve participants’ retirement outcomes.”

Northern Trust provides a range of services for defined contribution plans, including daily valuation, multi-manager unit, integration of DB and DC plan operations and performance measurement. More information can be found at northtrust.com/dcsolutions.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to businesses, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 US states and Washington, DC, and 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2021, Northern Trust had assets under custody/administration of US$14.8 trillion and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has distinguished itself as an industry leader for its exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 USA, incorporated with limited liability in the USA Please read our global and regulatory information.