The cross-border pooling tool was developed to support the “complex needs” of 50 multinational organizations with over $231 billion in assets under administration that Northern Trust currently supports the custody and asset administration needs for, according to a news release. Included in the solution:
- Local and Global Custody Services – provide consistent valuation, reporting and control for significant asset pool
- Consolidated Multinational Headquarters Reporting – offers online access to a company’s worldwide pension plan information
- Cross-Border Pension Pooling – creates efficiencies, enhances performance, and reduces cost for multiple country schemes/plans.
“Working closely with our clients, we take into account the tax implications and any restrictions in terms of the custodians, fund managers, and investment mandates,” said Penelope Biggs, Senior Vice President, Northern Trust in describing how Northern Trust developed the product.