Fondo de Ahorro de Panama Hires Northern Trust for Global Custody Services
The Fondo de Ahorro de Panama (FAP), Panama’s sovereign wealth fund, hired Northern Trust in a global competitive bidding process to provide global custodian services for the fund. The RFP process started back in June 2016. The Banco Nacional de Panama, acting as trustee of the FAP, signed the contract, which has a term of five years.
In a press release, Abdiel A. Santiago M., Secretary of the FAP, commented that “The Northern Trust Company has extensive experience as a full-service provider of financial services, especially in the custody of securities business, which represents an integral part of the management of the Fund, and international best practices for sovereign wealth funds.”
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