NTUC Income, a Singapore based insurer, has appointed Northern Trust, a US-based investment management firm, as global custodian for a component of its insurance assets.

Northern Trust will be responsible for the provision of global custody, regulatory reporting and investment risk services for a component of the insurance assets.

NTUC Income SVP and head of finance division Jonathan Chai said that NTUC Income has undergone a major transformation over the last three years. Part of this transformation entails putting in place systems, processes and practices that are aligned with the standards of global financial institutions.

“Our tie-up with Northern Trust will strengthen our risk management infrastructure, help us adhere to the highest standards of corporate governance and manage our future growth more effectively. In so doing, I am certain NTUC Income will continue to inspire the confidence of 2 million policyholders who have placed their trust on us,” Chai said.