The Chicago-based bank will additionally provide securities lending and performance reporting and oversee assets for the city’s pension, other-post employment benefits and treasury portfolios.
“The City of Tallahassee is excited with the appointment of Northern Trust as our master custodian,” said Kent Olson, deputy treasurer-clerk for the City of Tallahassee.
“The selection committee was impressed with the depth and knowledge of Northern Trust’s staff and the technological capabilities of its financial products.”
Marc Cosentino, head of Northern Trust client services for public funds, said: “Tallahassee will benefit from our global operating model and technology-enabled client reporting, allowing convenient and efficient access to pertinent data.”
“Our ability to offer customised solutions that fit each public fund’s unique needs and objectives enable them to focus on their vital mission of empowering communities.”