Northern Trust Appointed as Custodian for Firefighters’ Retirement System of Louisiana

Rhea-AI Summary

Northern Trust (Nasdaq: NTRS) has been appointed as the custodian for the Firefighters’ Retirement System (FRS) of Louisiana, a $2.4 billion fund as of March 31, 2024. FRS chose Northern Trust for its innovative technology and tailored services. Michael Becker, CIO of FRS, highlighted Northern Trust's advanced technology and client-centric culture as key differentiators. Melanie Pickett, Head of Asset Owners at Northern Trust, emphasized the company's commitment to supporting the asset owner community and growth in Louisiana. Established in 1980, FRS provides retirement benefits for Louisiana firefighters.

Positive

• Northern Trust secured a significant $2.4 billion asset servicing contract from the Firefighters’ Retirement System of Louisiana.
• FRS recognized Northern Trust for its innovative technology and tailored services.
• The new appointment validates Northern Trust’s commitment to driving innovation and excellence in the public fund sector.
• This partnership highlights Northern Trust's growth focus in the state of Louisiana.

Negative

• The press release lacks detailed financial metrics on how this contract will impact Northern Trust's revenue or profitability.
• No specific information was provided regarding the duration of the contract or potential risks involved.

CHICAGO--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) announced today that it has been selected by the Firefighters’ Retirement System (FRS) of Louisiana to provide asset servicing and data analytics capabilities for the $2.4 billion (as of 3/31/24) fund.

FRS of Louisiana is a governmental defined benefit pension plan, established by the state legislature in 1980 to provide retirement and other benefits for Louisiana firefighters. FRS selected Northern Trust for its innovative technology and tailored services.

“Northern Trust is one of the market leaders in supporting the sophisticated needs of the asset owner community and we are thrilled to be selected by the Firefighters’ Retirement System of Louisiana,” said Melanie Pickett, Head of Asset Owners, Americas at Northern Trust. “Their decision validates our commitment to driving innovation and excellence in the public fund sector as well as our focus on growth in the state of Louisiana.”

“As we look to improve operational efficiency in our fund, Northern Trust’s advanced technology and client-centric culture differentiated them from the competition and demonstrated that they were the best choice to help us achieve our goals,” said Michael Becker, CIO of Firefighters’ Retirement System of Louisiana. “We look forward to working with Northern Trust as we advance our mission for the firefighters of our state.”

Northern Trust has had an unwavering commitment to the asset owner space for many decades. The goal within the asset owner segment is to empower the missions of its clients, helping them to maximize investment returns so that they may then serve their constituents, their communities, and the world.

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/20240514444826/en/

Europe, Middle East, Africa & Asia-Pacific:

Camilla Greene

+44 20 7982 2176

Camilla_Greene@ntrs.com

US & Canada:

John O’Connell

+1 312 444 2388

John_O’Connell@ntrs.com

Source: Northern Trust Corporation

FAQ

What is the value of the fund for which Northern Trust has been appointed as custodian?

The value of the fund is $2.4 billion as of March 31, 2024.

Why was Northern Trust selected by the Firefighters’ Retirement System of Louisiana?

Northern Trust was selected for its innovative technology and tailored services, along with its advanced technology and client-centric culture.

What is the significance of Northern Trust's new appointment for investors?

The appointment validates Northern Trust’s commitment to innovation and excellence in the public fund sector, and it emphasizes their growth focus in Louisiana.

What does the Firefighters’ Retirement System of Louisiana provide?

The Firefighters’ Retirement System of Louisiana provides retirement and other benefits for Louisiana firefighters.

What are the roles of Melanie Pickett and Michael Becker in this new appointment?

Melanie Pickett is the Head of Asset Owners at Northern Trust, while Michael Becker is the CIO of the Firefighters’ Retirement System of Louisiana.