Federated Mutual Insurance Company Appoints Northern Trust as Custodian for $7bn Insurance Mandate

Rhea-AI Summary

Northern Trust (Nasdaq: NTRS) has been selected by Federated Mutual Insurance Company to provide global custody and cash management services for over US$7 billion in insurance assets. The partnership is expected to enhance Federated's investment program, leveraging Northern Trust's industry expertise and advanced technology. Northern Trust manages over $940 billion in assets under custody and services more than 180 insurance clients globally. This collaboration underscores Northern Trust's commitment to client service and innovative solutions within the insurance sector.

Positive

• New partnership with Federated Mutual Insurance Company for US$7 billion in assets.
• Enhancement of Federated's investment program through Northern Trust's expertise.
• Access for Federated to Northern Trust's advanced technology and comprehensive solutions.

Negative

• None.

CHICAGO--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) has been selected by Federated Mutual Insurance Company of Owatonna, Minnesota, to provide global custody and cash management services for over US$7 billion in insurance assets.

“Northern Trust demonstrated a high level of industry expertise and a passion for client service, along with superior technology that will effectively support our investment program,” said Michael Keller, Chief Financial Officer of Federated Insurance. “Their focus on client relationships and the depth of knowledge from every team member made it clear Northern Trust will be a great partner for us.”

“We appreciate the opportunity to work with Federated Mutual and bring our industry expertise to one of the nation’s most respected mutual insurance companies,” said Chris Dvorak, Head of Insurance Solutions at Northern Trust. “We look forward to providing them with comprehensive product and technology solutions that will enable them to be increasingly innovative and agile in their investment decisions, ultimately helping them drive bottom line performance.”

Northern Trust Insurance Solutions, with over $940 billion in assets under custody, services more than 180 insurance clients worldwide, including 40% of the top 100 U.S. property and casualty companies. Offering a leading-edge technology platform and a full range of products across investment management and advisory services, middle- and back-office operations, capital markets and portfolio management support, our team of insurance experts focuses on the unique and evolving needs of insurance companies and their investment managers across the globe.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2020, Northern Trust had assets under custody/administration of US $12.1 trillion, and assets under management of US $1.3 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for 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 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.