Northern Trust wins series of new Common Investment Fund clients

LONDON--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) announced today that it has seen a close to 30 percent increase in assets under administration for Common Investment Fund (CIF) clients in the UK, over the past 12 months.

“CIFs are popular among clients with more sophisticated investment structures, but with very individual unitisation and accounting requirements”

Contributing to the growth are a series of key appointments which included; the US$1.3 billion Veolia CIF, the US$600 million TUI Travel PLC CIF as well as the extension of an existing mandate for the US$2.3 billion States of Jersey CIF.

“CIFs are popular among clients with more sophisticated investment structures, but with very individual unitisation and accounting requirements,” said Penelope Biggs, head of the Institutional Investor Group for Europe, Middle East and Africa. “At Northern Trust we have developed a market leading unitisation product, which integrates comprehensive accounting with performance analytics through a single global platform. This innovative solution, coupled with our extensive experience in supporting complex asset pooling structures for a variety client types, including pensions funds, sovereign wealth funds, and fund managers means we are well placed to cater to CIFs’ unique requirements.”

CIFs are a type of unregulated pooled investment fund set up specifically for charities and pension funds in the UK. By pooling the assets of its underlying participants, a CIF can provide access to a broad range of asset classes, such as equities, bonds, derivatives, property, private equity and hedge funds in a tax efficient and economical structure.

“Northern Trust’s multi-faceted web portal, Passport®, enables CIF trustees to download a series of unitisation reports which provide timely and accurate valuations on both a daily and monthly basis,” said Douglas Gee, head of sales for Institutional Investor Group UK and Ireland. “Through Northern Trust’s integrated solution, CIF trustees can access information that will enable them to improve governance and reduce administration, as well as facilitate access to new investment opportunities.”

Northern Trust offers a range of services to CIF clients, acting as master record keeper and in some instances performing accounting for assets held external to the CIF, supporting the individual needs of the underlying participants. Northern Trust supports close to 200 UK pension fund clients in the UK, including 34 percent of the top 200 UK pension schemes and 36 percent of all local government pension schemes in the UK.

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 June 30, 2011, Northern Trust had assets under custody of US$4.4 trillion, and assets under investment management of US$684.1 billion. For more than 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.

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Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A, incorporated with limited liability in the U.S.

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.
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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).
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Northern Trust Global Investments Limited has a Netherlands branch which is authorised by the Financial Services Authority and subject to regulation in The Netherlands by the Autoriteit Financiële Markten.
Northern Trust Global Investments Limited has a Sweden branch which is authorised by the Financial Services Authority and subject to regulation in Sweden by the Finansinspektionen.