Carpenters Trusts selects Northern Trust for global custody
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Carpenters Trusts selects Northern Trust for global custody 19 June 2020Chicago Reporter: Maddie Saghir
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Northern Trust has been selected by Carpenters Trusts of Western Washington, a Seattle-based self-administered Taft-Hartley trust, to provide global custody, securities lending, foreign exchange and related services for $2.2 billion in trust assets.
Carpenters Trusts Randy Parker, trust administrator, noted that Northern Trust was chosen because of their demonstrated commitment to client service and their leading technology capabilities.
Parker said: “We view all of our service providers as partners, so it was important that our Northern Trust team is committed to a long-term relationship. Northern Trust also offers a superior reporting package that is both concise and highly detailed, supported by the team’s expertise.”
Jeffrey Porta, Taft-Hartley practice executive at Northern Trust, added: “We are excited to cultivate a strong partnership with Carpenters Trusts of Western Washington, and look forward to providing them with the tools and technology to help drive efficiency, as well as streamlined accounting data and reporting.”
Northern Trust’s Public Funds and Taft-Hartley segment offers a full suite of asset servicing solutions to almost 200 clients with $900 billion in assets under custody.
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