Northern Trust, the US-based asset management firm, has been appointed by Australia's Magellan Asset Management to act as global custodian to its Australian investment management schemes. 

The custody refers to Magellan Global Fund and Magellan Infrastructure Fund, which have some $2.5 billion in funds under management as of 31 December 2012.

In addition, the company will also provide a full range of custody and fund administration services to prepare for a planned UCITS fund launch in Ireland in the March quarter 2013. Magellan currently records around $6.7 billion in total funds under management.

Magellan Asset Management specialises in global equities and global listed infrastructure strategies for institutional and high net worth worth and retail investors.