The Charities Aid Foundation (CAF) has chosen Northern Trust to provide custody, fund administration and transfer agency services to two of its common investment funds, with approximately GBP430 million (US$750 million) in charity assets under management.
“Northern Trust has a flexible, consultative approach to addressing our requirements. The fact that it can provide us with custody, fund accounting and transfer agency all under one roof is highly attractive,” says Tracey Reddings, Executive Director, Charity Financial Services of CAF. “We are very impressed by the way they project-managed the transfer, and the additional support they gave us in certain, more complex areas of the transition. The whole thing went very smoothly.”
The origins of CAF date back to 1924, when the National Council of Social Service in the United Kingdom set up a Charities Department to encourage more efficient giving to charity. Today, CAF provides a variety of services to charities, including investment management.
Jeremy Hester, Senior Vice President, Global Fund Services business development at Northern Trust, says the mandate confirms that the bank can service charity sector clients. “We have also been able to show that we can seamlessly draw together expertise from our custody and fund administration businesses, and provide an integrated solution that can add value and bring peace of mind to our clients,” he adds.