NTUC begins shifting custody assets to Northern Trust

Insurance company NTUC Income has begun transferring custody of some assets from Citi to Northern Trust. The S$23 billion ($17.6 billion) firm recently appointed Northern Trust as a second custodian to diversify its exposure. The review began at the beginning of the year in reaction to the global financial crisis and the US government bail-out of Citi. Jonathan Chai, director of investment operations, says the initial plan was to transfer investment-linked product custody to Northern …