Outsourced Trading Capability Also Delivers Global Efficiencies
Across Manager’s Fund Range
LONDON–(BUSINESS WIRE)–Northern Trust (Nasdaq: NTRS) today announces it has been appointed by
UK investment manager Fundsmith to provide fund administration,
depositary, global custody and associated services to support Smithson
Investment Trust – the largest UK-listed investment trust ever
launched. The fund raised a record £822 million at flotation in October
last year (according to Financial Times, 17 October, 2018).
Across its fund range Fundsmith is also using Integrated
Trading Solutions – Northern Trust’s outsourced trading
capability that combines worldwide trading expertise in equities and
fixed income with access to global markets, extensive trading locations,
high-quality liquidity and an integrated middle and back office service.
Simon Godwin, chief financial officer at Fundsmith, comments:
“Appointing Northern Trust means we have an asset servicing partner with
the global capabilities, scale and track record required to support
Smithson Investment Trust’s operations and future growth. In addition,
outsourcing trading activities across our funds to a trusted and expert
provider supports Fundsmith’s focus on delivering first-class investment
analysis, portfolio management and customer care.”
Guy Gibson, global head of Institutional Brokerage at Northern Trust
Capital Markets comments: “By delivering global trade execution,
matching, and compliance reporting through Integrated Trading Solutions,
Northern Trust is actively supporting our client’s commitment to
delivering value and cost-efficiencies for investors. Our trade
execution middle office solution is helping the Fundsmith team free-up
capital and resources, while allowing them to exercise the high levels
of oversight and governance that they and their investors demand.”
Smithson Investment Trust invests in companies of between £500
million and £15 billion in market capitalisation, using the company’s
hallmark long-term, value-investing approach. The fund’s launch, which
was supported by Northern Trust, surpassed its founders’ initial
expectations – with shares available on launch being raised to
accommodate investor demand.
Laurence Everitt, head of Global Fund Services, UK at Northern
Trust, also comments: “Northern Trust congratulates the Fundsmith
team on this landmark fund launch – and on far surpassing their original
target. As our client continues to extend its global value-investing
approach to the small and mid-cap sector, Northern Trust has a
comprehensive range of asset servicing and trading solutions available
to support Fundsmith’s requirements as they grow and evolve. We are
delighted to have this opportunity to build on our partnership together.”
Fundsmith was established in 2010 by veteran City investor, Terry Smith.
Headquartered in London, it has more than £22 billion in assets under
management (as at 31 March 2019) on behalf of global institutions and
investors, and is owned and controlled by its partners. Its investment
approach is centered on generating value for clients at reasonable cost
by investing in quality global stocks, held for long time horizons.
Northern Trust’s Global Fund Services business provides fund
administration, global custody, depositary, middle office and revenue
enhancement solutions to global investment managers – supporting an
extensive range of investment strategies across the full spectrum of
asset classes.
About Northern Trust
Northern Trust Corporation (Nasdaq:
NTRS) is a leading provider of wealth management, asset servicing, asset
management and banking to corporations, institutions, affluent families
and individuals. Founded in Chicago in 1889, Northern Trust has a global
presence with offices in 20 U.S. states and Washington, D.C., and across
23 locations in Canada, Europe, the Middle East and the Asia-Pacific
region. As of March 31, 2019, Northern Trust had assets under
custody/administration of US$10.9 trillion, and assets under management
of US$1.2 trillion. For more than 125 years, Northern Trust has earned
distinction as an industry leader for exceptional service, financial
expertise, integrity and innovation. Visit northerntrust.com
or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street,
Chicago, Illinois 60603 U.S.A., incorporated with limited liability in
the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures.
Contacts
Europe, Middle East, Africa & Asia-Pacific Contacts:
Camilla
Greene
+44 (0) 207 982 2176
[email protected]
US
& Canada Contact:
John O’Connell
+1 312 444 2388
[email protected]
http://www.northerntrust.com
