US based UnitedHealth Group has selected Northern Trust to provide global custody and related services.
As per the agreement, Northern Trust will offer safekeeping, accounting and Investment Risk & Analytical Services for $25bn insurance assets of UnitedHealth.
UnitedHealth Group senior vice president and treasurer Robert Oberrender said that the company’s selection of Northern Trust was based on its integrated asset servicing solution and its commitment to deliver on the specialized services that it requires specifically, enhanced data to support its investment management, regulatory reporting and risk management process.
Northern Trust Corporate & Institutional Services President Steven Fradkin said the company is pleased to add UnitedHealth as a client in its insurance segment, which continues to grow globally.
"Northern Trust’s development of custody, investment accounting, risk reporting and operations outsourcing capabilities for this industry has proven to be vital as insurance clients seek operational solutions to manage and monitor increasingly complex investment portfolios," Fradkin said.