Source: Northern Trust
Northern Trust and Insight Investment ("Insight") announced today that they have successfully migrated Insight's investment operations to the Northern Trust platform, for over 600 portfolios, representing approximately US$190 billion (pounds Sterling 100 billion) in assets under management ("AUM").
Northern Trust provides Insight with every aspect of post trade execution support including trade processing and settlement, data management, reconciliation, portfolio recordkeeping, client valuations and reporting, and performance measurement and attribution.
"This has been an incredibly well performed exercise," stated Atul Manek, Chief Operating Officer at Insight. "It is one of only very few projects of this type and magnitude that has been successfully completed, particularly in the timeframe achieved here."
Northern Trust now provides full investment operations services to four clients on its strategic platform. Completion of this project has added 619 Insight investment portfolios across multiple asset classes, 36,000 positions and more than 200,000 trades per annum.
Peter Holman, Global Head of Investment Operations Outsourcing at Northern Trust, said, "This has been a most impressive display of teamwork, co- ordination and dedication. It brings to completion a highly complex outsourcing project, during a period of rapid growth in Insight's AUM and expansion of its fund range."
Insight, one of the United Kingdom's largest fund managers, announced in 2005 that it had selected Northern Trust as its partner for investment operations outsourcing. This was part of a stated strategic decision to provide opportunities for increased technological and service benefits and to enable Insight to increase its focus on its core proposition of investment performance and customer service.
"The result is a fantastic achievement and a milestone for the industry," commented Douglas Ferrans, Chief Executive Officer at Insight. "We have achieved and exceeded our stated goals and are confident that Northern Trust will be the partner that helps us to launch and deliver our products so that we can remain at the cutting edge of the international fund management industry."
Stephen Potter, Group Head of Northern Trust's international business, observed, "Our strong relationship and partnership approach with Insight resulted in an effective conversion and strong product innovation in the process." Mr. Potter added, "Investment operations outsourcing is a strategic focus for Northern Trust and we will continue to grow this part of our business globally, in a targeted manner."