Northern Trust has been appointed to perform a wide range of asset services to the Pendal Group Limited across Australia, UK and Ireland.
The appointment by Pendal, which had $139.2 billion in funds under management, covered its wholly owned subsidiary JO Hambro Capital Management (JOHCM) in North America and Europe as well as its Australian business.
Northern Trust provided fund administration, regulatory administration, global custody and transfer agency services to JOHCM since establishing its first mutual fund offering in the US in 2009.
The mandate would be extended to include global custody, fund accounting, financial and regulatory reporting, collateral management, and foreign exchange and middle-office services across all Pendal’s businesses.
Nicholas Good, Pendal chief executive, said Northern Trust had delivered high quality service to its US business for over a decade.
“They have a clear partnership approach and a service focus that is distinct from their peers,” Good said.
“We conducted an extensive RFP [request for proposal] and due diligence process and, following this, are pleased to continue growing our partnership with Northern Trust’s asset servicing business.
“Their expansive service offering will allow us to consolidate the number of providers we have across the business, thereby simplifying our operating platform and standardizing a number of our key processes.”
Pete Cherecwich, Northern Trust president for corporate and institutional services, said: “We are delighted to see the expansion of our partnership globally with Pendal to include their Australia, UK and Ireland operations.
“This mandate underscores the value of our global operating model and focus on supporting our clients across the globe in whichever markets they operate.”