CHICAGO - In a significant move for both companies, Northern Trust (NASDAQ:NTRS) has been chosen to manage Costco Wholesale Corporation (NASDAQ:COST)'s $29 billion defined contribution retirement plan. This collaboration was confirmed today, with Melanie Pickett from Northern Trust expressing acknowledgment of the new partnership.
Costco, the world's third-largest retailer with headquarters outside Seattle, operates a vast network of 861 warehouses globally. The company's strong presence is marked by 591 locations in the U.S and Puerto Rico alone, in addition to its e-commerce operations spread across several countries.
Northern Trust, headquartered in Chicago and established in 1889, has built a robust reputation for its wealth management services and banking solutions. With offices in 25 U.S. states and 22 international locations, Northern Trust stands out for its innovative solutions and dedicated client service. As of September 30, 2023, the financial institution boasts an impressive portfolio with assets under custody/administration valued at $14.2 trillion and assets under management worth $1.3 trillion.
The company's experience and commitment to enhancing investment returns for asset owners like Costco have been pivotal in securing this role. Northern Trust's shares are traded on the NASDAQ stock exchange under the ticker NASDAQ:NTRS and were recently quoted at $74.68.
This strategic partnership is expected to leverage Northern Trust's capabilities to further the financial well-being of Costco's community through effective management of its substantial retirement plan.
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