Costco will rely on Northern Trust for custody, daily valuation and brokerage services for its retirement plan.
Costco Wholesale Corp. has selected custodian bank Northern Trust to provide custody, daily valuation, and brokerage services for Costco’s defined contribution (DC) retirement plan, with $29 billion in assets, officials say.
Costco, based in Seattle, is known as the world’s third-largest retailer and 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, officials say.
Northern Trust officials say that the firm has a “longstanding commitment to the asset owner space for many decades,” officials say. “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.”
Northern has $13.6 trillion in assets under custody/administration and is a provider of wealth management, asset servicing, asset management, and banking to corporations, institutions, affluent families, and individuals.
The Chicago-based firm has 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, officials say.
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.
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