New Zealand Superannuation Fund Selects Northern Trust to Provide Data Warehouse Solutions

Rhea-AI Summary

Northern Trust (Nasdaq: NTRS) has expanded its relationship with the New Zealand Superannuation Fund (NZ Super Fund) to provide Data Warehouse Solutions. The fund, which has been receiving global custody and compliance monitoring services from Northern Trust since 2007, and securities lending services from 2019, sought a modern solution to consolidate its data. This will allow the NZ Super Fund to transition away from legacy technology. Northern Trust’s Data Warehouse Solutions will offer comprehensive, end-to-end management of data from multiple sources, tailored to meet the fund’s data and analytical needs. Craig Cullen, NZ Super Fund Head of Data Technology, praised the seamless integration and improved data outcomes achieved with the new solution.

Positive

• Northern Trust expands relationship with NZ Super Fund, indicating strong, ongoing client trust.
• Introduction of Data Warehouse Solutions addresses the growing need for advanced data management.
• Seamless integration with existing technologies improves data resilience and supportability.
• Simplified and standardized data structure facilitates better data outcomes.
• Northern Trust’s long-term investment management services since 2014 demonstrate sustained client satisfaction.

Negative

• Potential risks associated with transitioning from legacy technology might involve initial integration challenges.
• Dependence on Northern Trust’s Data Warehouse Solutions could increase operational risk if service issues arise.
• No financial terms or immediate revenue impacts from the expanded relationship were disclosed, leaving the direct financial benefit unclear.

MELBOURNE, Australia--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) today announced that it has expanded its relationship with the New Zealand Superannuation Fund (NZ Super Fund) to provide data services via its Data Warehouse Solutions offering.

Northern Trust has provided the NZ Super Fund with global custody and compliance monitoring services since 2007 and securities lending services from 2019. Northern Trust Asset Management has provided investment management services to the sovereign wealth fund since 2014.

To unify data from different sources without impacting day-to-day delivery, the NZ Super Fund was seeking a solution that could consolidate their data and enable them to scale as they transition away from legacy technology.

“Data management is a top priority for our clients, as it is for us,” said Leon Stavrou, Head of Australia and New Zealand, Northern Trust. “As the NZ Super Fund’s longstanding custodian, we’re uniquely positioned within their data ecosystem to provide a tailored solution. Our Data Warehouse Solutions can help them better consume, produce, and service their data needs, which is essential to generate the insights they need to continue to perform at a high level.”

Northern Trust’s Data Warehouse Solutions offers full-suite, end-to-end management of data from multiple sources to a client-specific data warehouse hosted by Northern Trust. It also has interface, customization, and data extraction features. Data Warehouse Solutions was designed to normalize an evolving universe of providers and applications into a highly automated, fit-for-purpose data service.

“We are pleased to partner with Northern Trust to build a data solution that will help us achieve our data management and analytical ambitions," said Craig Cullen, NZ Super Fund Head of Data Technology. “Northern Trust has worked alongside our teams to understand our data and technology goals and ensure that the chosen components of their Data Warehouse Solutions support our objectives.”

Cullen added: “While it is still early days in our programme, Northern Trust’s Data Warehouse Solutions have quickly and seamlessly integrated with the technologies established in our modern data stack. The combined solution improves resilience and supportability of data integration, with simplified and standardised data structure. This has made it easier to understand and work with the source data while improving data outcomes.”

About New Zealand Superannuation Fund

The NZ Super Fund invests Government capital contributions, and the returns from those investments, to contribute to the Government's cost of paying superannuation entitlements in the future. By doing this the Fund adds to Crown wealth, improves the ability of future Governments to pay for universal pensions, and ultimately reduces the tax burden on future New Zealanders. A long-term, growth-oriented investor, the Fund has around NZ$73.5 billion (US$44.1 billion) in assets. The Fund is managed by an autonomous Crown entity, the Guardians of New Zealand Superannuation.

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 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31 2024, Northern Trust had assets under custody/administration of US$16.5 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240605695182/en/

Europe, Middle East, Africa & Asia-Pacific:



Camilla Greene

+44 (0) 20 7982 2176

Camilla_Greene@ntrs.com



Simon Ansell

+ 44 (0) 20 7982 1016

Simon_Ansell@ntrs.com

US & Canada:



John O’Connell

+1 312 444 2388

John_O’Connell@ntrs.com

Source: Northern Trust Corporation

FAQ

What new service is Northern Trust providing to the NZ Super Fund?

Northern Trust is providing Data Warehouse Solutions to the NZ Super Fund.

Since when has Northern Trust been providing services to the NZ Super Fund?

Northern Trust has been providing global custody and compliance monitoring services since 2007, securities lending services since 2019, and investment management services since 2014.

Why is the NZ Super Fund partnering with Northern Trust for data solutions?

The NZ Super Fund is partnering with Northern Trust to consolidate their data, transition away from legacy technology, and improve data management and analytical capabilities.

What benefits does Northern Trust’s Data Warehouse Solutions offer?

Northern Trust’s Data Warehouse Solutions offer end-to-end management of data from multiple sources, improved resilience, supportability of data integration, and a simplified and standardized data structure.

What is the stock symbol for Northern Trust?

The stock symbol for Northern Trust is NTRS.