Northern Trust announced today it has been selected to provide global
custody and related services for UnitedHealth Group, a leading
diversified health and well-being company based in Minnetonka, Minn.
Northern Trust will provide safekeeping, accounting and Investment Risk
& Analytical Services for $25 billion in insurance assets held by
UnitedHealth Group.
“Our selection of Northern Trust was based on its integrated asset
servicing solution and its commitment to deliver on the specialized
services that we require – specifically, enhanced data to support our
investment management, regulatory reporting and risk management
process,” said Robert W. Oberrender, Senior Vice President and Treasurer
of UnitedHealth Group.
“We are delighted to add a company of UnitedHealth’s stature as a client
in our insurance segment, which continues to grow globally,” said Steven
L. Fradkin, President, Corporate & Institutional Services, Northern
Trust. “Northern Trust’s development of custody, investment accounting,
risk reporting and operations outsourcing capabilities for this industry
has proven to be vital as insurance clients seek operational solutions
to manage and monitor increasingly complex investment portfolios.”
Northern Trust provides asset servicing and asset management solutions
to more than 230 insurance clients across the globe. Northern Trust's
insurance client base and expertise encompass life & health, property &
casualty, reinsurance trusts, captives, retirement assets, and fund
complexes.
UnitedHealth Group (NYSE: UNH) is a diversified health and well-being
company dedicated to helping people live healthier lives and making
health care work better. With headquarters in Minnetonka, Minn.,
UnitedHealth Group offers a broad spectrum of products and services
through two distinct platforms: UnitedHealthcare, which provides health
care coverage and benefits services; and Optum, which provides
information and technology-enabled health services. Through its
businesses, UnitedHealth Group serves more than 75 million people
worldwide.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of
investment management, asset and fund administration, banking solutions
and fiduciary services for corporations, institutions and affluent
individuals worldwide. Northern Trust, a financial holding company based
in Chicago, has offices in 18 U.S. states and 16 international locations
in North America, Europe, the Middle East and the Asia-Pacific region.
As of December 31, 2011, Northern Trust had assets under custody of
US$4.3 trillion, and assets under investment management of US$662.9
billion. For more than 120 years, Northern Trust has earned distinction
as an industry leader in combining exceptional service and expertise
with innovative products and technology. For more information, visit
www.northerntrust.com
or follow us on Twitter @NorthernTrust.
Copyright Business Wire 2012
