New business from large corporate and public retirement plans has boosted Northern Trust’s defined contribution (DC) global assets under custody and administration past $1 trillion, as companies and government entities focus on retirement security for employees.
Northern Trust has more than 140 global DC clients, now with over $1.4 trillion in assets (as of March 31, 2021). Clients include 12 of the 50 largest U.S. defined contribution plans as measured by total assets, as well as plans in Australia, the UK, and additional countries in the EMEA (Europe, Middle East and Africa) region.
“As it grows, the defined contribution retirement plan market becomes more complex. We can see this growing complexity with the SECURE Act 2.0 currently making its way through U.S. Congress, covering provisions such as auto-enrollment, multiple employer plans, and investing in collective investment trusts, to name a few,” said Peter Lantero, Head of U.S. Institutional Investor Group at Northern Trust. “We’re committed to helping clients through a shifting environment with the support of our customized solutions, including plan pooling, liquidity services and DB/DC bundling, as well as expert guidance to meet the evolving needs of plan sponsors and participants.”
Northern Trust has been an active participant in the advancement of the defined contribution industry since the 1974 passage of ERISA in the U.S. and plays a role in a variety of DC industry associations across the globe, including the American Bankers Association Council on Retirement and Employee Benefits, Defined Contribution Investment Industry Association and Defined Contribution Alternatives Association in the U.S., and the Pensions and Longtime Savings Association and Defined Contribution Investment Forum in the UK.
“Northern Trust’s sponsorship and executive leadership in industry organizations enhances our ability to drive solutions for both the marketplace and plan sponsors,” said Serge Boccassini, Senior Vice President of Product Management at Northern Trust. “Through participation and leadership at a global level, we aim to bring value to the industry and regulatory bodies to help to drive better solutions and enhance participant retirement outcomes.”
Northern Trust provides a range of services for defined contribution plans, including daily valuation, multi-manager unitization, integration of DB and DC plan operations, and performance measurement. More information may be found at northerntrust.com/dcsolutions.
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 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2021, Northern Trust had assets under custody/administration of US$14.8 trillion, and assets under management of US$1.4 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.
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