Abu Dhabi Pension Fund hired Northern Trust Corp. as global custodian, providing custody and other services to the sovereign-sponsored pension fund assets pool.
Northern Trust will provide global custody, alternative asset administration through front-office solutions, liquidity solutions, performance and risk analytics, and compliance monitoring to the fund, the custodian said in a news release. The Sovereign Wealth Fund Institute estimates ADPF to have about $3 billion in assets.
ADPF is tasked with managing contributions, pension fund assets and end-of-service benefits for United Arab Emirates nationals who are affiliated with the government and private sectors in Abu Dhabi.
ADPF will also use Northern Trust's data aggregation and customer relations management capabilities to help in investment allocation, liquidity management and portfolio optimization.
"Northern Trust stood out due to their focus on asset owners, particularly those with sophisticated allocations across public and private assets," said Ali Alqemzi, chief operating officer for investment at ADPF, in the news release. "Their ability to adapt to the evolving financial landscape, as evidence by their investment in technology and development of solutions that are targeted to funds such as ourselves, is important to us as we grow, and our asset allocation needs evolve."
Northern Trust has $14.5 trillion in assets under custody and administration.
Spokespeople for ADPF could not be reached for comment.