Press release
Northern Trust Appointed as Asset Servicing Provider by Australian Insurer Generation Life
MELBOURNE, Australia--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) announced today that it was selected to provide global custody and valuation reporting
About this update from Northern Trust Corporation
[{"type":"text","content":" MELBOURNE, Australia--(BUSINESS WIRE)--\nNorthern Trust (Nasdaq: NTRS) announced today that it was selected to provide global custody and valuation reporting services for Australian life insurance company Generation Life.\n\n\nWith the new remit, Northern Trust will provide support to AU$1.5 billion (as of 31 January 2025) of Generation Life’s portfolio assets, including domestic and international equities, bonds, FX, and SICAVs.\n\n\nFounded in 2007 and based in Melbourne, Generation Life specialises in providing tax effective investment solutions with over AU$3.8 billion in total funds under management (as of 31 December 2024).\n\n\n“Northern Trust’s position as one of Australia’s leading asset servicing providers allows us to dedicate resources and tailor capabilities to meet our clients’ unique needs,” said Leon Stavrou, Country Head of Australia, Northern Trust. “Our selection by Generation Life, a leader in their field, will help them achieve operational excellence, and we look forward to building a highly successful partnership.”\n\n\n“In making the decision to partner with Northern Trust, we were impressed by the quality of their comprehensive services, which exceeded our expectations,” said Felipe Araujo, Chief Executive Officer, Generation Life. “This is an important partnership for Generation Life. Northern Trust’s focus on investment in digital technology strongly aligns with our objective to deliver a scalable operating model to support our growth ambitions and enhance the experience for our clients.”\n\n\nAbout Generation Life\n\n\nGeneration Life, a wholly owned subsidiary of Generation Development Group Limited (ASX:GDG), is a life insurance company registered under the Life Act. As the pioneer of Australia’s first truly flexible investment bond, Generation Life has been at the forefront of providing innovative tax-effective investment solutions since 2004 and currently has over $3.8 billion in funds under management.*\n\n\nGeneration Life is proud to be shaping the retirement income landscape with our LifeIncome product by applying our innovative approach to clients’ retirement income needs and enabling Australians to focus on enjoying retirement with the confidence of an income guaranteed for life.\n\n\nGeneration Life is regulated by the Australian Prudential Regulation Authority (‘APRA’) and as such is requi...