US custodian Northern Trust has selected technology from Bravura Solutions to support its move into the Australian superannuation investment accounting market.
Northern Trust, which acquired an Australian banking licence in November, has signed for the vendor's Garradin software. Implementation begins this month and is expected to be completed in Q4 2009.
Bravura says, for superannuation funds, Garradin will provide management of inter and intra fund reconciliation and administer Australian tax requirements and a range of securities.
Paul Cutts, managing director, Australia, Northern Trust, says: "The collaboration will allow us to service the superannuation investment accounting market from our Melbourne's offices whilst also leveraging Northern Trust's full global capability."