Northern Trust will provide global custody, FX, and securities lending services to the Healthcare of Ontario Pension Plan.
A major Canadian defined benefit plan, the Healthcare of Ontario Pension Plan (HOOPP) has reappointed Northern Trust as the asset servicing provider for the $103 billion (in Canadian currency) asset owner, which has a value of $76.9 billion in U.S. currency, officials say.
Northern Trust, Canada, will provide global custody, foreign exchange (FX), and securities lending services to the Toronto-based firm. The pension plan has more than 435,000 members across Ontario who are from the healthcare industry. The plan was launched in January 1960 and has more than 600 participating employers.
“This decision is a testament to the successful relationship we have built together over the last 18 years, and we look forward to continuing our collaboration to support HOOPP’s mission,” says Katie Pries, president and CEO of Northern Trust, Canada, in a prepared statement.
Northern Trust has “more than three decades of experience in providing an extensive range” of asset servicing solutions to institutional investors and investment managers in Canada, according to the custodian bank.
“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,” according to Northern Trust, which is based in Chicago.
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