Northern Trust, a leading provider of wealth management services, has announced that the Nebraska Investment Council (NIC) has chosen it to provide asset management and servicing solutions for its pension fund. These solutions include custody, portfolio analytics, and securities lending. The NIC is responsible for providing investment services for the state of Nebraska and oversees the management of assets in state pensions and trust funds.
As of September 30, 2023, the NIC manages a portfolio worth $37.5 billion spread across 32 investment programs. The decision to partner with Northern Trust was influenced by the firm's personalized client service model, advanced online technology platform, and ability to streamline operational processes in daily investment activities.
"We are proud to be selected as custodian and asset manager for the Nebraska Investment Council, an agency whose mission is to prudently manage the funds entrusted to them by the people of the State of Nebraska," said Melanie Pickett, Head of Asset Owners, Americas at Northern Trust. This statement was made in a press release issued by Northern Trust. Pickett further added that Northern Trust values its client relationships and strives to connect with the community of asset owners more effectively. "We are dedicated to servicing public funds like the NIC and specialize in meeting their needs with dynamic solutions. It is our privilege to provide asset servicing and asset management capabilities to the NIC."
The NIC is an autonomous state agency composed of an eight-member governing body. This includes five citizens appointed by the Governor and confirmed by the State Legislature, three ex-officio members, as well as a nine-member Investment Team. This information can be found on the About page provided by NIC.
"Northern Trust’s commitment to client service differentiated them amongst the competition," stated Michael Walden-Newman, CIO of the Nebraska Investment Council in another press release issued by Northern Trust. Walden-Newman praised Northern Trust's dedication to public fund space along with their reputation for consistent high-quality data and advanced technology. He believes these qualities position Northern Trust well to assist the NIC in continuing to service its constituents.