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Northern Trust Selected Asset Servicing Provider for $29 Billion Costco Retirement Plan
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NTRS: Northern Trust Selected by Costco for Asset Servicing - Northern Trust (Nasdaq: NTRS) has been chosen by Costco Wholesale Corporation to provide custody, daily valuation, and brokerage services for Costco’s defined contribution retirement plan, which holds $29 billion in assets. This partnership highlights Northern Trust's expertise and commitment to the asset owner space, aiming to empower its clients to maximize investment returns and serve their communities and the world.
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CHICAGO--(BUSINESS WIRE)--
Northern Trust (Nasdaq: NTRS) announced today that it has been selected by Costco Wholesale Corporation to provide custody, daily valuation and brokerage services for Costco’s defined contribution retirement plan, with $29 billion in assets.
Headquartered outside of Seattle, Washington, Costco is the world's third-largest retailer. As of its last earnings release, Costco operates 861 warehouses, including 591 in the United States and Puerto Rico. Costco also operates e-commerce sites in the U.S. and several other countries.
“We are honored to be selected as asset servicing partner for Costco’s defined contribution plan,” said Melanie Pickett, Head of Asset Owners, Americas at Northern Trust. “Our success in the defined contribution plan space is a testament to our years of experience, innovative solutions and high level of commitment to our clients’ needs. We look forward to providing outstanding client service to Costco.”
Northern Trust has had an unwavering and longstanding 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 25 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2023, Northern Trust had assets under custody/administration of US$14.2 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. 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.
What services will Northern Trust provide to Costco's retirement plan?
Northern Trust will offer custody, daily valuation, and brokerage services for Costco’s defined contribution retirement plan, which holds $29 billion in assets.
How many warehouses does Costco operate?
As of its last earnings release, Costco operates 861 warehouses, including 591 in the United States and Puerto Rico.
Where is Costco headquartered?
Costco is headquartered outside of Seattle, Washington.
What is Northern Trust's goal within the asset owner segment?
Northern Trust aims 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.
