Northern Trust, the US-based custodian and wealth management firm, has been appointed by the World Bank's private sector arm, the International Finance Corporation, to advise the new National Council for Social Security Fund in Beijing on middle- and back-office systems.
This makes it the latest in a line of advisers helping the Social Security Fund, including Principal Global Investors, which is training Fund staff, and the Caisse de Depot et Placements du Quebec which, along with State Street Global Advisors, is consulting on establishing investment and asset allocation guidelines.
The National Council has been recently established as a centralized, fully-funded pensions fund of last resort intended to cover urban retirees should their provincial or...
