Northern Trust Appointed as Asset Servicing Provider by Australian Insurer Generation Life
MELBOURNE, Australia–(BUSINESS WIRE)–
Northern Trust (Nasdaq: NTRS) announced today that it was selected to provide global custody and valuation reporting services for Australian life insurance company Generation Life.
With the new remit, Northern Trust will provide support to AU$1.5 billion (as of 31 January 2025) of Generation Life’s portfolio assets, including domestic and international equities, bonds, FX, and SICAVs.
Founded in 2007 and based in Melbourne, Generation Life specialises in providing tax effective investment solutions with over AU$3.8 billion in total funds under management (as of 31 December 2024).
“Northern Trust’s position as one of Australia’s leading asset servicing providers allows us to dedicate resources and tailor capabilities to meet our clients’ unique needs,” said Leon Stavrou, Country Head of Australia, Northern Trust. “Our selection by Generation Life, a leader in their field, will help them achieve operational excellence, and we look forward to building a highly successful partnership.”
“In making the decision to partner with Northern Trust, we were impressed by the quality of their comprehensive services, which exceeded our expectations,” said Felipe Araujo, Chief Executive Officer, Generation Life. “This is an important partnership for Generation Life. Northern Trust’s focus on investment in digital technology strongly aligns with our objective to deliver a scalable operating model to support our growth ambitions and enhance the experience for our clients.”
About Generation Life
Generation Life, a wholly owned subsidiary of Generation Development Group Limited (ASX:GDG), is a life insurance company registered under the Life Act. As the pioneer of Australia’s first truly flexible investment bond, Generation Life has been at the forefront of providing innovative tax-effective investment solutions since 2004 and currently has over $3.8 billion in funds under management.*
Generation Life is proud to be shaping the retirement income landscape with our LifeIncome product by applying our innovative approach to clients’ retirement income needs and enabling Australians to focus on enjoying retirement with the confidence of an income guaranteed for life.
Generation Life is regulated by the Australian Prudential Regulation Authority (‘APRA’) and as such is required to hold a minimum amount of capital, determined by APRA, to ensure any payment obligations to clients can be met. APRA is the same independent statutory authority that supervises banks in Australia.
*As at 31 December 2024
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2024, Northern Trust had assets under custody/administration of US$16.8 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250225011955/en/
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KEYWORDS: Illinois North America United States Australia Australia/Oceania New Zealand
INDUSTRY KEYWORDS: Professional Services Data Management Technology Insurance Finance Banking
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