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Northern Trust lands $29bn Costco mandate

Investors WideNorthern Trust has been appointed as the asset servicer for the US$29 billion retirement plan for US-based retailer Costco.

Under the terms of the mandate, Northern Trust will provide custody, daily valuation and brokerage services for Costco. 

Based in Seattle, Costco is ranked as the world's third-largest retailer with more than 860 warehouses globally.

According to Melanie Pickett, head of asset owners, Americas at Northern Trust, the mandate award is a "testament to our years of experience, innovative solutions and high level of commitment to our clients’ needs".

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