Northern Trust announced today that it has been named global custodian for the University of San Diego’s foundation fund.
Services provided by Northern Trust will include consolidated reporting and accounting for a range of assets invested worldwide.
“As global custodian for our foundation fund, Northern Trust will maximize efficiencies for the university by serving as a single point of contact for consolidated reporting,” University of San Diego Executive Vice President and Provost Julie Sullivan said.
“Northern Trust also has a long history of excellent service and leadership in helping clients to comply with changing regulations and accounting rules, which can be a challenge for many institutional investors.”
Laurie Neu, group head for public entities and institutions at Northern Trust, said a key focus for the University of San Diego is compliance with recently implemented accounting standards, called FAS 157, which require investors to classify securities according to guidelines and supply information on how prices are derived for the securities.
“Northern Trust has developed industry-leading reporting abilities for FAS 157, which are deployed through our multi-faceted online platform, Passport®, and supported by a single, global technology platform,” Neu said.
The University of San Diego is a Catholic institution of higher learning chartered in 1949. The school enrolls approximately 7,800 undergraduate and graduate students.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide.
Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region.
As of Sept. 30, 2009, Northern Trust had assets under custody of US$3.6 trillion, and assets under investment management of US$611 billion.
For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology.
For more information, visit northerntrust.com.