NTUC Income, a Singapore-based insurance company, hired Northern Trust as global custodian, John O’Connell, Northern Trust spokesman, said in a telephone interview.
Assets under custody were not disclosed.
“NTUC Income has undergone a major transformation over the last three years,” Jonathan Chai, NTUC Income’s senior vice president and head of finance, was quoted in a Northern Trust news release. “Part of this transformation entails putting in place systems, processes and practices that are aligned with the standards of global financial institutions. Our tie-up with Northern Trust will strengthen our risk management infrastructure, help us adhere to the highest standards of corporate governance and manage our future growth more effectively.”
NTUC had about $23 billion in assets under management as of Dec. 31.
Efforts to reach Mr. Chai or other NTUC officials for further details, including who the previous global custodian was, were unsuccessful.
