Northern Trust wins Orange County mandate 20 April 2011Chicago Reporter: Justin Lawson
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Northern Trust has been selected as global custodian for the operating funds of Orange County, California. Northern Trust will provide asset servicing, including trade settlement, income collection and valuation reporting for the $6.5 billion fund overseen by the Orange County Treasurer-Tax Collector's Office.
"Northern Trust has earned a reputation for superb client service and technology innovation that assures us of its commitment to first-rate asset servicing for public entities," said Shari L. Freidenrich, Orange County Treasurer-Tax Collector. "As a public fund, we require comprehensive and efficient valuation reporting that provides a level of transparency that our constituents require."
"We are pleased to be selected as custodian for the Orange County Treasurer-Tax Collector's Office," said Biff Bowman, Head of Americas for the Corporate & Institutional Services unit of Northern Trust. "Our deep understanding of public funds and dedication to servicing these clients differentiates Northern Trust and leads to solutions appropriate to the specific needs of public entities."
The Orange County Treasurer-Tax Collector's Office is responsible for collecting taxes on all secured and unsecured property in Orange County, as well as the receipt, custody, depository, investment, and recording of funds for the County, school districts, and special districts. Additional duties include issuance of short-term debt on behalf of the County and school districts, remittance processing services, information system services, and departmental administrative support.
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