MELBOURNE, Australia--(BUSINESS WIRE)--QIC announced today that it has entered into an investment operations outsourcing agreement with Northern Trust, while retaining incumbent custodian NAB Asset Servicing for back office services. QIC is one of Australia’s largest institutional fund managers with $55.9 billion under management as of 31st December 2010.

Under an agreement approved by QIC’s Board of Directors, Northern Trust has been appointed to provide a broad suite of middle office functions including unit pricing, registry, trade services, reconciliations, investment accounting, performance and risk analytics, post-trade compliance monitoring, client reporting, fee administration and billing. The appointment of Northern Trust was made after a comprehensive due diligence and selection process.

“Outsourcing middle office services will give QIC a flexible and scalable operational platform to support our local and global investment management activities,” QIC Chief Executive Doug McTaggart said. “We chose Northern Trust because of their depth and breadth of expertise in middle office services and their ability to deliver what QIC is looking for.”

Investment Operations Outsourcing is a growing business at Northern Trust, said Steven Fradkin, President of Corporate and Institutional Services at Northern Trust. “As investment firms increasingly see the value in a specialist provider that can deliver true transparency, greater control and speed to market for their products, clients want a partner who becomes an extension of their business,” Fradkin said. “Northern Trust’s culture, steeped in partnership and service, is a perfect fit for the operations outsourcing relationship.”

“We are delighted with this strategic appointment, which reflects Northern Trust’s ability to provide a broad range of market-leading solutions for asset managers and asset owners in the region,” said Paul Cutts, Northern Trust’s Managing Director for Australia and New Zealand.

“Our Investment Operations Outsourcing team can help fund managers to execute their business strategy better, faster, and more predictably at a time when that has never been more important,” Cutts said. “We look forward to supporting QIC’s continued growth in the Australian fund market, as well as the launch of new fund structures in Europe and other markets where QIC sees demand for its institutional strategies.”

About QIC

QIC is a leading provider of dynamic investment solutions for superannuation/pension funds and other institutional investors.

Established in 1991, QIC has grown to be one of the largest institutional investment managers in Australia, with more than 80 local and international clients and $55.9 billion in funds under management (as at 31 December 2010).

As a house of highly specialised investment boutiques, QIC offers practical investment solutions in fixed interest, property, infrastructure, capital markets, lifecycle strategies, private equity, equities and quantitative management, as well as strategic solutions at the whole-of-fund level.

www.qic.com

QIC Limited ACN 130 539 123 (“QIC”) is a wholesale funds manager and its products and services are not directly available to retail investors. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (“Corporations Act”). QIC does not hold an Australian financial services (“AFS”) licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. Please note however that some wholly owned subsidiaries of QIC have been issued with an AFS licence and are required to comply with the Corporations Act.

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, 2010, Northern Trust had assets under custody of US$4.1 trillion, and assets under investment management of US$643.6 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.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A, incorporated with limited liability in the U.S.

Northern Trust operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority and the Australian Securities & Investments Commission (AFS Licence No: 314970).

The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Global Services Limited (reg. no. 04795756) are authorised and regulated by the Financial Services Authority.

The material within and any linked material accessed via this communication is directed to eligible counterparties and professional clients only and should not be distributed to or relied upon by retail investors. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.

• Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission.
• Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission.
• Northern Trust International Fund Administration Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Central Bank of Ireland.
• Northern Trust Global Services Limited has a Netherlands Branch which is authorised and regulated in the Netherlands by De Nederlandsche Bank.
• Northern Trust Global Investments Limited has a Netherlands branch which is authorised by the Financial Services Authority and subject to regulation in The Netherlands by the Autoriteit Financiële Markten.
• Northern Trust Global Services Limited has a Luxembourg Branch which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF).
• Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF).
• Northern Trust Global Services Ltd (UK) Sweden Filial is Authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen.
• Northern Trust Global Investments Limited has a Sweden branch which is authorised by the Financial Services Authority and subject to regulation in Sweden by the Finansinspektionen.
• Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office, Licence number 13/238/2008 which is authorised and regulated by the Central Bank of the United Arab Emirates.
• The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorized trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation.
• The Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority.
• The Northern Trust Company of Hong Kong Limited is a securities company regulated by the Securities and Futures Commission.
• The Northern Trust Company has a Singapore Branch which is a foreign wholesale bank regulated by the Monetary Authority of Singapore.
• The Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission.
• Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency.

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