Latest news with #JeffAlexander
Business Wire
31-07-2025
- Business
- Business Wire
Northern Trust Pension Universe Data: Canadian Pension Plan Returns Advanced for Q2 as Equity Markets Rebounded from Tariff Shock Waves
TORONTO--(BUSINESS WIRE)--Canadian pension plans marked a positive finish to the first half of 2025, according to the Northern Trust Canada Universe. The median Canadian Pension Plan returned 0.6% for the second quarter and 1.8% year-to-date for the period ending June 30, 2025. The second quarter saw conflict in the Middle East and many similarities to the first three months of the year, including tariff friction, geopolitical tension, and their cascading impact on global growth. One factor that remained consistent throughout this period was the unpredictability surrounding tariffs and trade. The U.S. administration threatened historic tariffs only to pull them back at times to stimulate trade negotiations. This constant push and pull exercise coincided with significant declines and rallies across financial markets, underscoring the heightened points of volatility observed during the quarter. Central Bank policymakers watched for punitive impacts from tariffs but continued to focus on underlying data points, namely inflation and employment, to guide their decisions. As a result, both the Bank of Canada (BoC) and the U.S. Federal Reserve (Fed) maintained their benchmark policy rate and range, respectively, throughout the quarter. 'Beneath the mounting tensions and waves of volatility witnessed year to date, pension plan investments have performed reasonably well, contributing to the healthy rise in plan assets this year. This positive performance serves as a cushion providing further support to long term plan sustainability as plan sponsors navigate through uncertain times,' said Jeff Alexander, President and CEO of Northern Trust Canada. The Northern Trust Canada universe tracks the performance of Canadian institutional defined benefit plans that subscribe to performance measurement services as part of Northern Trust's asset service offerings. Amid significant market swings during Q2, equities produced attractive returns while Canadian bonds were impacted by the rise in yields, causing a modest decline as witnessed by the Canadian bond universe. A noteworthy move occurred in the currency market, with the Canadian dollar appreciating over 5% relative to the U.S. dollar, concluding the period at 73.48 cents USD. Canadian Equities, as measured by the S&P/TSX Composite Index, advanced 8.5% for the quarter. All sectors posted positive returns, with the Information Technology and Consumer Discretionary sectors generating the strongest results, while the Energy sector posted the weakest performance. U.S. Equities, as measured by the S&P 500 Index, rose 5.2% in CAD for the quarter. The Information Technology and Communication Services sectors led the way with positive double-digit returns. Meanwhile both the Energy and Health Care sectors experienced double- digit declines for the period. International developed markets, as measured by the MSCI EAFE Index, gained 6.2% in CAD for the quarter. The Communication Services sector was the top performing segment, while Energy and Health Care sectors were the only two sectors generating negative returns for the period. The MSCI Emerging Markets Index generated 6.4% in CAD for the quarter. The Information Technology and Industrial sectors were the best performers, while the Consumer Discretionary sector was the only segment generating a negative return over the period. The Canadian economy continued to face headwinds from tariff and trade uncertainty. Despite some signs of an economic slowdown, pockets of resilience remained. Wage growth was above inflation, personal savings rates remained healthy, and banks have controlled credit losses and built reserves to absorb economic volatility. The unemployment rate nudged up to 6.9% in June from the 6.7% posting in March. The Bank of Canada (BoC) maintained its overnight rate at 2.75% at its June meeting. The BoC cited continued uncertainty around tariffs, a 'softer but not sharply weaker' economy and firmness in recent inflation data as reasons to hold the lending rate at its current level while it continues to assess the timing and strength of downward pressures from a weak economy and upward pressures from rising costs. The Canadian Fixed Income market, as measured by the FTSE Canada Universe Bond Index, posted -0.6% for the quarter. Corporate bonds generated a positive return while both Federal and Provincial bonds declined during the period. Short-term bonds witnessed a modest gain while mid- and long-term durations generated negative returns for the quarter. The U.S. economy held up steady in the face of tariff pressures, trade tensions and a weakening dollar. The annual inflation rate climbed to 2.7% in June from 2.4% in May, representing its highest level since February. The unemployment rate dropped to 4.1%, its lowest reading since February and down from the 4.2% posted in March. The Federal Reserve (Fed) maintained its fed funds rate at a target range of 4.25% to 4.50%, a level it has held since December. International markets generated healthy returns for the second quarter. The European Central Bank (ECB) cut rates for the eighth time this cycle, taking the deposit facility rate to 2%. Meanwhile, the Bank of England (BoE) maintained its rate at 4.25% at its June meeting, with inflation remaining above the Bank's target. The Bank of Japan (BoJ) also held its benchmark rate steady at 0.5% in June and announced its plans to slow government bond purchases from April 2026. Emerging markets witnessed solid returns for the quarter. At its June meeting, the People's Bank of China (PBoC), held its one-year loan prime rate (LPR) and its five-year LPR steady at 3.0% and 3.5% respectively, based on data suggesting the country remains on track to meet its GDP growth target despite U.S. tariff pressures. The Central Bank of Brazil raised its key Selic rate by 25 basis points to 15.0%, citing sticky inflation and uncertainty driven by U.S. trade policies and volatile global markets. The Reserve Bank of India (RBI) chose to cut interest rates by 50 basis points in June driven by easing inflation and uncertainty surrounding global trade tensions. About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2025, Northern Trust had assets under custody/administration of US$18.1 trillion, and assets under management of US$1.7 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn. Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at
National Post
15-05-2025
- Business
- National Post
Northern Trust Names Jeff Alexander to Head The Northern Trust Company, Canada
Article content TORONTO — Northern Trust (Nasdaq: NTRS) announced today that Jeff Alexander has joined as President and CEO of The Northern Trust Company, Canada, and Principal Officer of the affiliated The Northern Trust Company, Canada Branch based in Toronto. Article content Article content Canada is a strategically important market for Northern Trust, which has more than 150 clients across eight provinces and two territories. Article content In his new role, Alexander will lead the asset servicing business in Canada, including relationships with clients and regulators. Canada is a strategically important market for Northern Trust, which has more than 150 clients across eight provinces and two territories. Alexander reports to Melanie Pickett, Head of Asset Servicing, Americas and, as a director, to the Board of Directors of The Northern Trust Company, Canada. Article content 'At Northern Trust, we are deeply committed to our Canadian clients and their unique needs,' Pickett said. 'Jeff brings extensive experience in asset servicing, with expertise built through consulting with hundreds of global clients. That experience will serve him well in this role. We are thrilled to welcome Jeff and are confident he will be a strong leader for our Canada team and an asset to our clients.' Article content With more than 30 years of experience, Alexander has considerable knowledge of the Canadian financial services landscape and regulatory environment. Most recently, he was part of the executive leadership team at TELUS Health, a global pension and benefits consultancy, where he was the National Custody Practice Lead and National Growth Lead. During his tenure, he built strong relationships with key clients, worked with regulators, and participated in industry boards. Prior to this, Alexander held senior executive positions in client servicing, marketing, and sales at CIBC Mellon and Montreal Trust Company of Canada. Article content Alexander succeeds Katie Pries, who has led Northern Trust in Canada since 2020 and will take on a newly created global role focused on Northern Trust's anti-money laundering processes. Article content Northern Trust has more than three decades of experience in providing an extensive range of innovative asset servicing solutions to meet the unique needs of institutional investors and investment managers in Canada. With a rich heritage and intricate understanding of the Canadian landscape, Northern Trust Canada is able to provide meaningful insights and strategic perspectives to market participants. Article content About Northern Trust Article content Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2025, Northern Trust had assets under custody/administration of US$16.9 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn. Article content Article content Article content Article content Article content Contacts Article content Media Contacts Europe, Middle East, Africa & Asia-Pacific: Camilla Greene +44 (0) 20 7982 2176 Camilla_Greene@ Article content Article content Article content
