Press release
Northern Trust Surpasses $1 Trillion in Defined Contribution Assets Under Custody and Administration
CHICAGO--(BUSINESS WIRE)-- New business from large corporate and public retirement plans has boosted Northern Trust’s defined contribution (DC) global assets
About this update from Northern Trust Corporation
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nNew business from large corporate and public retirement plans has boosted Northern Trust’s defined contribution (DC) global assets under custody and administration past $1 trillion, as companies and government entities focus on retirement security for employees.\n\nNorthern Trust has more than 140 global DC clients, now with over $1.4 trillion in assets (as of March 31, 2021). Clients include 12 of the 50 largest U.S. defined contribution plans as measured by total assets, as well as plans in Australia, the UK, and additional countries in the EMEA (Europe, Middle East and Africa) region.\n\n“As it grows, the defined contribution retirement plan market becomes more complex. We can see this growing complexity with the SECURE Act 2.0 currently making its way through U.S. Congress, covering provisions such as auto-enrollment, multiple employer plans, and investing in collective investment trusts, to name a few,” said Peter Lantero, Head of U.S. Institutional Investor Group at Northern Trust. “We’re committed to helping clients through a shifting environment with the support of our customized solutions, including plan pooling, liquidity services and DB/DC bundling, as well as expert guidance to meet the evolving needs of plan sponsors and participants.”\n\nNorthern Trust has been an active participant in the advancement of the defined contribution industry since the 1974 passage of ERISA in the U.S. and plays a role in a variety of DC industry associations across the globe, including the American Bankers Association Council on Retirement and Employee Benefits, Defined Contribution Investment Industry Association and Defined Contribution Alternatives Association in the U.S., and the Pensions and Longtime Savings Association and Defined Contribution Investment Forum in the UK.\n\n“Northern Trust’s sponsorship and executive leadership in industry organizations enhances our ability to drive solutions for both the marketplace and plan sponsors,” said Serge Boccassini, Senior Vice President of Product Management at Northern Trust. “Through participation and leadership at a global level, we aim to bring value to the industry and regulatory bodies to help to drive better solutions and enhance participant retirement outcomes.”\n\nNorthern Trust provides a range of services for defined contribution plans, including...