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LeavePlus Appoints Northern Trust as Asset Servicing Provider

Business Wire

Custody, fund administration and compliance services to support Victoria's portable long service leave scheme for construction workers

MELBOURNE, Australia, October 26, 2026--Northern Trust (Nasdaq: NTRS) and LeavePlus today announced Northern Trust's appointment to provide global custody and related services for LeavePlus, the portable long service leave scheme for Victoria's construction industry.

Established in 1976 and celebrating its 50th year, LeavePlus manages approximately AUD$2.6 billion (US$1.8 billion) in assets and supports more than 30,000 employers in providing long service leave benefits to over 290,000 eligible workers in Victoria's construction industry.

Under the appointment, Northern Trust will provide an integrated suite of asset servicing, including global custody, fund administration, investment accounting, performance measurement and compliance monitoring services. The servicing model is designed to support LeavePlus' increasingly sophisticated investment portfolio, including private markets and derivatives, while enhancing data, governance and reporting capabilities.

"Organisations are increasingly seeking providers that can deliver both operational strength and a highly engaged service experience," said Leon Stavrou, head of Australia and New Zealand at Northern Trust. "We are proud to have earned LeavePlus' confidence through our client-focused approach, service excellence, and disciplined risk culture. We look forward to working closely with LeavePlus to support its long-term investment and governance requirements."

"As LeavePlus continues to evolve, we require an asset servicing model capable of supporting the scale and complexity of our investment portfolio while enhancing access to data, reporting and investment insights in support of the long service leave entitlements of Victorian construction workers," said Craig Bell, Chief Executive Officer at LeavePlus. "Northern Trust's integrated capabilities, commitment to client service and strong operational risk framework were important factors in our decision and differentiated the firm throughout the selection process."

For many decades, Northern Trust has been dedicated to serving the needs of global asset owners. The goal within the asset owner segment is to empower the missions of its clients, supporting their investment and operational objectives, so that they may serve their constituents, their communities, and the world. For LeavePlus, the partnership will help ensure the assets supporting the long service leave entitlements of more than 290,000 Victorian construction workers continue to be managed with a strong focus on service, governance and operational resilience.

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