Northern Trust to Provide Custody Services to UnitedHealth Group

CHICAGO--(BUSINESS WIRE)-- Northern Trust announced today it has been selected to provide global custody and related services for UnitedHealth Group, a leading diversified health and well-being company based in Minnetonka, Minn.Northern Trust will provide safekeeping, accounting and Investment Risk & Analytical Services for $25 billion in insurance assets held by UnitedHealth Group.

“Our selection of Northern Trust was based on its integrated asset servicing solution and its commitment to deliver on the specialized services that we require – specifically, enhanced data to support our investment management, regulatory reporting and risk management process,” said Robert W. Oberrender, Senior Vice President and Treasurer of UnitedHealth Group.

“We are delighted to add a company of UnitedHealth’s stature as a client in our insurance segment, which continues to grow globally,” said Steven L. Fradkin, President, Corporate & Institutional Services, Northern Trust. “Northern Trust’s development of custody, investment accounting, risk reporting and operations outsourcing capabilities for this industry has proven to be vital as insurance clients seek operational solutions to manage and monitor increasingly complex investment portfolios.”

Northern Trust provides asset servicing and asset management solutions to more than 230 insurance clients across the globe. Northern Trust's insurance client base and expertise encompass life & health, property & casualty, reinsurance trusts, captives, retirement assets, and fund complexes.

UnitedHealth Group (NYSE: UNH) is a diversified health and well-being company dedicated to helping people live healthier lives and making health care work better. With headquarters in Minnetonka, Minn., UnitedHealth Group offers a broad spectrum of products and services through two distinct platforms: UnitedHealthcare, which provides health care coverage and benefits services; and Optum, which provides information and technology-enabled health services. Through its businesses, UnitedHealth Group serves more than 75 million people worldwide.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2011, Northern Trust had assets under custody of US$4.3 trillion, and assets under investment management of US$662.9 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.

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Source: Northern Trust Corporation