Funds SA selected Northern Trust as the Adelaide-based manager of A$34 billion ($24 billion) of South Australia public sector superannuation, insurance and endowment funds' new custodian, following a competitive process, according to a Funds SA announcement Friday.
Northern Trust replaces J.P. Morgan.
Funds SA CEO Jo Townsend, in a news release, said Northern Trust will formally start as the fund's custodian in early 2020, following completion of a transition.
Ms. Townsend acknowledged Funds SA's "very strong and productive relationship" with J.P. Morgan over the years and offered no details on what drove the change.
In an email, Tony Keenan, executive manager with SA funds, declined further comment.