LONDON--(BUSINESS WIRE)--Northern Trust Global Investments – the asset management arm of Northern Trust (Nasdaq: NTRS) – has been appointed by the Royal Borough of Kensington and Chelsea to provide transition management services and run an GB£80 million (US$129 million) index portfolio for six months.
The appointment adds to Northern Trust’s existing asset servicing relationship with the Borough, to which it provides custody services for around GB£450 million (US$721 million) in assets.
“We appointed NTGI based on their track record of performance in providing custody services to us since 2009, as well as their strong reputation for transition management,” said Paul Kidd, head of Financial Services at the Royal Borough of Kensington and Chelsea. “We also recognised the efficiencies in consolidating our custody and transition management requirements into one provider.”
“The ability to demonstrate robust management processes and provide transparency in how operational, counterparty, liquidity and market risks are being managed remain top concerns for clients looking for a transition manager,” said Simon Hutchinson, Head of Transition Management for Europe, Middle East and Africa and Asia Pacific at NTGI. “At NTGI we manage risk in real time and have close dialogue with managers, clients and consultants to provide enhanced solutions and greater visibility around challenging areas.”
“We are delighted to extend our asset management capabilities to the Royal Borough of Kensington and Chelsea,” said Penelope Biggs, head of the Institutional Investor Group at Northern Trust. “Northern Trust remains firmly committed to the local government pension sector, and look forward to continuing to support the Borough.”
Northern Trust currently provides asset servicing and asset management solutions to more than 1 000 pension funds globally – including 33 percent of all UK local government pension schemes. NTGI is a multi-asset class investment manager offering a broad array of active, passive and quantitative investment solutions, including cash and fixed income, index management, securities lending, transition management, fund of hedge funds and fund of private equity funds. It manages assets for corporate and public pension funds, sovereign wealth funds, insurance companies, charities, central banks and other eligible professional investors.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2010, Northern Trust had assets under custody of US$3.9 trillion, and assets under investment management of US$657.2 billion. For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A, incorporated with limited liability in the U.S.
The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Global Services Limited (reg. no. 04795756) are authorised and regulated by the Financial Services Authority.
The material within and any linked material accessed via this communication is directed to eligible counterparties and professional clients only and should not be distributed to or relied upon by retail investors. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.
- Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission.
- Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission.
- Northern Trust International Fund Administration Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Financial Regulator.
- Northern Trust Global Services Limited has a Netherlands Branch which is authorised and regulated in the Netherlands by De Nederlandsche Bank.
- Northern Trust Global Services Limited has a Luxembourg Branch which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF).
- Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF).
- Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office, Licence number 13/238/2008 which is authorised and regulated by the Central Bank of the United Arab Emirates.
- The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorized trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation.
- The Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority.
- The Northern Trust Company of Hong Kong Limited is a securities company regulated by the Securities and Futures Commission.
- The Northern Trust Company has a Singapore Branch which is a foreign wholesale bank regulated by the Monetary Authority of Singapore.
- The Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission
- Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency.
- Northern Trust Global Services Ltd (UK) Sweden Filial is Authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen.