Press release
Northern Trust Becomes Member of the Reserve Bank of Australia’s High Value Clearing System
Move Reinforces Northern Trust’s Commitment to Australian Market as New Business Mandates and Strategic Hires Drive Growth SYDNEY--(BUSINESS WIRE)-- Northern
About this update from Northern Trust Corporation
[{"type":"text","content":"\nMove Reinforces Northern Trust’s Commitment to Australian Market as New Business Mandates and Strategic Hires Drive Growth\n\n SYDNEY--(BUSINESS WIRE)--\nNorthern Trust (Nasdaq: NTRS) announced today it has become a member of Australia’s High Value Clearing System. Northern Trust will now process and settle its own high value payment obligations on a real-time gross settlement basis via the Reserve Bank and Information Transfer System.\n\n\nAs a direct clearer of Australian Dollars, Northern Trust will manage its intra-day payment flows directly with other members of the High Value Clearing System and perform all other required activities relating to cash settlements for high value payments that were previously conducted by Northern Trust’s sub-custodian in Australia.\n\n\nAngelo Calvitto, Northern Trust country executive, Australia, said: “This move cements our commitment to the Australian market and builds on recent client wins and new hires we have made as we continue to build out our presence in the region.”\n\n\n“By becoming a direct clearer of Australian Dollars on behalf of our clients, Northern Trust now has greater real-time visibility of cash and is able to take direct responsibility for the accurate and timely receipt of client funds. This is a logical next step as we continue to build out our capabilities and out footprint in this strategic market,” said Calvitto.\n\n\nTo ensure a seamless transition to direct clearing, Northern Trust named Robert Poulter as head of the company’s Australian cash operation. Based in Melbourne and reporting to Chicago-based Charlie Lebrun, head of international cash management, Poulter is responsible for cash and liquidity management, relationship management and market advocacy as it pertains to cash.\n\n\nPoulter brings more than 30 years of experience in financial services. The last 19 years saw him in senior roles in custody and transfer agency operations with various financial institutions in New Zealand, the UK and Australia.\n\n\nNorthern Trust is a full-service provider to the Australian and New Zealand market and delivers a range of asset servicing solutions for institutional clients, including Australian investment accounting and tax, unit registry services, global custody, investment operations outsourcing and capital market solutions – which includes brokerage, foreign exc...