Northern Trust Global Investments (NTGI), the asset management arm of Northern Trust, has been appointed by Tawuniya, a provider of insurance services in Saudi Arabia, to manage a segregated passive equity portfolio, benchmarked to the Dow Jones Global Titans 100 index.

The appointment, which also includes transition management services, builds on Northern Trust's existing asset servicing relationship with Tawuniya, which includes the provision of custody, investment accounting and performance services.

Tawuniya CEO Ali Al-Subaihin said Tawuniya appointed NTGI based on their track record in passive management and Tawuniya's long standing asset servicing relationship.

"We needed a provider we could rely on to respond to our changing requirements as we continue to grow and support the economic growth of Saudi Arabia," Al-Subaihin said.

Northern Trust head in Middle East Michael Slater said Northern Trust is delighted to extend its existing asset servicing relationship with Tawuniya to include asset management.

"By combining Northern Trust's asset servicing capabilities with our asset management capabilities we can provide our clients with total solutions which is key for us as we continue to enhance our proposition for institutional investors across the region," Slater said.