SYDNEY--(BUSINESS WIRE)--Northern 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.
As 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.
Angelo 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.”
“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.
To 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.
Poulter 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.
Northern 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 exchange, securities lending and transition management.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 20 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2019, Northern Trust had assets under custody/administration of US$11.3 trillion, and assets under management of US$1.2 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.
