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Custody mandate for Northern Trust
Northern Trust has picked up a key custody mandate, being selected by New Zealand’s Debt Management Office (NZDMO) to provide core custody and related services for the organisation’s book of fixed income assets valued at around NZ$4 billion.
Commenting on the mandate, Northern Trust’s head of business development in Australasia, Jeremy Hester said the appointment had followed a comprehensive tender exercise by the New Zealand body completed in July, last year.
The New Zealand Debt Management Office is responsible for disbursing cash to Government departments, advancing funds to Government entities and providing capital markets services and derivative transactions for departments of the Crown.
The NZDMO manages around NZ$20.5 billion of assets.
AUTHOR
Mike Taylor
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