The two firms first started working together back in 2011.

QIC, an Australian fund manager, has reappointed Northern Trust to provide a number of outsourced services for an additional seven years.

The mandate requires Northern Trust to handle global custody, fund accounting, taxation and associated services for QIC's range of Australian fund products and discrete mandates, Northern Trust said in a statement.

This reappointment comes five years after Northern Trust began investment operations outsourcing for QIC in late 2011. QIC named Northern Trust as its global custodian in July last year. Northern Trust now provides asset servicing solutions to QIC's products in Australia, Ireland and the US.

“As QIC expands its global footprint, choosing a partner with a global reach, consistent client service approach and robust operating platform will enable QIC to focus on delivering innovative solutions to our clients worldwide,” said Mark McDonald, QIC's executive director of operations and technology.