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March 30, 2015 01:00 AM

Nunavut Trust signs Northern Trust as global custodian

Rick Baert
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    Nunavut Trust, Ottawa, Ontario, hired Northern Trust as global custodian for the trust's C$1.6 billion ($1.27 billion) in assets.

    Northern Trust also will provide cash management, securities lending, risk analytics, foreign exchange, class-action processing and alternative asset accounting services.

    RBC Investor & Treasury Services was the previous custodian, according to the trust's website.

    The Nunavut Trust oversees assets from capital transfers paid under a land claims agreement between the Inuit of Nunavut and the Canadian government.

    Sean Kulik, the trust's chief financial officer, could not be reached by press time for further information.

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