Northern Trust acquired an Australian banking licence in November this year, allowing it to provide banking, asset and custodian services to its Australian-based clients. The firm is now expanding its service offering within the Australian superannuation fund industry.
âWe are pleased to announce our venture with Bravura which will support our move into super investment accounting,â said Paul Cutts, Northern Trust Australiaâs Managing Director.
After an extensive review of IT providers, Bravura and its Garradin software offered a proven solution, the best fit for our requirements and an impressive level of expertise in the Australian financial services sector. The collaboration will allow us to service the superannuation investment accounting market from our Melbourneâs offices whilst also leveraging Northern Trustâs full global capability,â he said.
Garradin is a comprehensive, multi-currency platform with a diverse range of securities functionality including stapled securities and instalment warrants. For superannuation funds, Garradin will provide superior management of inter and intra fund reconciliation, and administer Australian tax requirements and a diverse range of securities.
âWe are delighted to have been chosen by an organisation as prestigious and respected as Northern Trust,â said Iain Dunstan, Bravuraâs CEO and Managing Director.
âWe look forward to a long-term relationship assisting Northern Trust succeed in the Australian market,â he said.
The project commences in December 2008 and is expected to be completed in Q4 2009.