Northern Trust wins $1 billion outsourcing mandate from IFP
17 February 2010 | 2818 views | 0
Source: Northern Trust
Northern Trust (NASDAQ:NTRS) has been selected to provide investment operations outsourcing services for over US$1 billion in assets for London based investment management start-up, Independent Franchise Partners (IFP).
As part of the mandate, Northern Trust will provide custody, trade services, fund accounting, transfer agency, performance measurement and client reporting.
"We were impressed by Northern Trust's ability to build and rapidly implement a flexible, yet robust platform which not only enabled us to meet an aggressive launch date, but also supported the diversity of our client base and accommodated our rapid growth," said John Kelly-Jones, Chief Operating Officer at IFP.
Northern Trust provides full and component outsourcing services to some of the world's most sophisticated and successful asset managers on its strategic global platform. Other publicly announced clients include Insight Investment, Hermes Investment Managers (which manages the British Telecommunication pension scheme - the largest in the U.K.), Augustus, and Generation Investment Management.
"At Northern Trust we pride ourselves on being a business enabler for our outsource clients," said Toby Glaysher, head of Northern Trust's U.K. Global Fund Services business. "Independent Franchise Partners was looking at one of the shortest launch periods we have seen in the industry - from appointment to migration in 72 days. Our ability to get our clients and their products to market quickly is a key differentiator for us."