The National Development Fund (NDF) has partnered with Northern Trust Arabia (NTA) in a move that will see the latter firm act as asset custodian for one of the largest asset-pooling ventures in the world. With assets managed valued at around SAR60bn ($16bn),NTA will act as custodian of the new unified accounting services between the various development funds and banks in the kingdom, which is aimed at reducing operational costs and improving efficiencies. NTA will be responsible for the daily registration of transactions and providing accurate reports on the status and performance of the assets to ensure the fund remains managed efficiently and transparently. The deal, which underscores NTA's extensive experience in working with prestigious organisations, including wealth funds, development agencies and institutions of various sizes and types across the region, is a clear example of the firm's commitment to expanding its services to meet the evolving needs of its clients.