Northern Trust announced today its appointment as global custodian by Hospitals of Ontario Pension Plan (HOOPP) for CAD22 billion in plan assets. Northern Trust will also provide HOOPP with securities lending and foreign exchange services. The assets were successfully transitioned at the beginning of July.
“After a complete and competitive review of the market’s leading service providers, Northern Trust stood out among the competition,” said Clint Matthews, HOOPP’s Vice-President, Investment Finance. “We believe their technology, product capabilities, client service and global experience will best suit the needs of our plan, both now and in the future.”
“We are honored to have been selected to serve HOOPP as their global custodian,” said Jeffrey Conover, President and CEO, The Northern Trust Company, Canada. “Our selection by such a large and sophisticated client is a further testament of Northern Trust’s world-class technology and high standards of client service. We look forward to building a strong and long- lasting relationship.”
HOOPP is one of Canada’s largest pension plans. Established in 1960 as one of the first multi-employer plans in the country, HOOPP today serves 146,000 active members, who work at 330 health care and related organizations in Ontario, as well as over 67,000 pensioners.