Market Overview

Northern Trust Wins Passive Equity Mandate from Tawuniya (NTRS)


Northern Trust Global Investments, the asset management arm of Northern Trust (Nasdaq: NTRS), has been appointed by Tawuniya (The Company for Cooperative Insurance) to manage a segregated passive equity portfolio, benchmarked to the Dow Jones Global Titans 100 index.

The appointment, which also includes transition management services, builds on Northern Trust's existing asset servicing relationship with Tawuniya, which includes the provision of custody, investment accounting and performance services. Tawuniya is the leading provider of insurance services in Saudi Arabia.

“We continue to see demand for passive management solutions in the Middle East and are pleased to be working with clients such as Tawuniya to provide creative index strategies to meet their specific investment profiles or desired market exposures,” said John Krieg, managing director of NTGI in Europe, Middle East and Africa. “As clients continue to favour the risk efficient and cost-effective nature of indexing, investors are seeking bespoke solutions which NTGI, through our investment experience, global technology, strong governance and risk management, is able to provide.”

Tawuniya (TASI:8010.SE), the first listed joint stock general insurance company in Saudi, engages in cooperative insurance operations and related services including reinsurance and agency activities primarily in Saudi Arabia. The company's principal lines of business include motor, marine cargo and hull, fire, medical, engineering, energy, aviation, property and casualty, general accidents, and personal insurance as well as savings and investment plans.

“We appointed NTGI based on their track record in passive management and our long standing asset servicing relationship,” said Tawuniya Chief Executive Office Ali A. Al-Subaihin. “We needed a provider we could rely on to respond to our changing requirements as we continue to grow and support the economic growth of Saudi Arabia”

“We are delighted to extend our existing asset servicing relationship with Tawuniya to include asset management,” said Michael Slater, head of Northern Trust in the Middle East. “By combining Northern Trust's asset servicing capabilities with our asset management capabilities we can provide our clients with total solutions which is key for us as we continue to enhance our proposition for institutional investors across the region.”

NTGI is a multi-asset class investment manager offering a broad array of active, passive and quantitative investment solutions, including cash and fixed income, index management, securities lending, transition management, fund of hedge funds and fund of private equity funds. It manages assets for corporate and public pension funds, sovereign wealth funds, insurance companies, charities, central banks and other eligible professional investors.

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