Hospitals of Ontario Pension Plan, Toronto, hired Northern Trust Corp. to replace State Street Corp. as global custodian, confirmed Clint Matthews, vice president of investment finance at the C$22 billion ($18 billion) plan. Northern Trust will also provide securities lending and foreign exchange services.
The change was driven by the plan's policy of reviewing its custodian every 10 years, Mr. Matthews said. He cited Northern Trust's technology, client service, product capabilities and global experience as key factors in the decision.
