QIC, a Brisbane-based money manager with A$70.8 billion ($55.4 billion) in assets under management, hired Northern Trust to provide global custody, fund accounting, taxation and associated services for QIC's Australian fund offerings, a Sydney-based spokeswoman for QIC confirmed.
Northern Trust replaces National Australia Bank Asset Services. Bill Kyriakopoulos, a spokesman for National Australia Bank, couldn't immediately be reached for comment.
The latest hire marks a broadening of Northern Trust's relationship with QIC. In a news release, Northern Trust noted that since 2011 it has provided investment operations outsourcing services for QIC, as well as “fund administration, global custody and depositary services to QIC's Irish domiciled UCITS product.”