Northern Trust, a leading provider of asset servicing solutions to the global institutional investor industry, announced that it has signed custody agreements with The World Bank Treasury to provide global custody and related services for its investment management business.
The World Bank Group has two goals that drive its work in developing countries. The first is to end extreme poverty by 2030. The second is to boost shared prosperity by fostering the income growth of the bottom 40 percent of the population in the countries in which the Bank works.
Additionally, The World Bank Treasury as part of its development mission provides capacity building to sovereign entities in portfolio and risk management, and middle/back-office functions, among other functions.
“We are deeply honored to support the objectives of the World Bank and its investment management operations as an asset servicing partner,” said Pete Cherecwich, President of Corporate and Institutional Services at Northern Trust. “It is our distinct privilege to deliver a range of innovative asset servicing and global market capabilities to the Bank. We work in strategic partnership with our clients to assist them in their growth initiatives and to create efficiencies with asset servicing skill and technology. The World Bank is an excellent example of our commitment to this market segment, including international organizations, sovereign wealth funds, and central bank and monetary authorities.”