Northern Trust has been appointed by Corry Capital Advisors to provide fund administration and related services in the US, extending the partnership between the two firms.
Earlier this year, the Pittsburgh-based fund manager selected Northern Trust to provide fund administration and depositary services for its Irish-domiciled funds to support its expansion into Europe and distribution of its longevity-based life settlement strategies to new investors.
Corry Capital Advisors holds approximately $1.3 billion in assets under management and invests in non-contestable life insurance policies.
Northern Trust has been steadily bolstering its private capital services throughout the year, adding expertise and developing new technologies in tandem.
In July, the Chicago-based custodian tapped a former private equity fund administration executive from BNY Mellon to lead sales for its North America practice.
The appointment was made under the guidance of Kimberly Evans who joined in January to lead the newly created private capital administration practice.
“CCA’s selection of Northern Trust to provide fund administration for its US commingled funds demonstrates the seamless nature of our global service model,” said Evans, head of private capital administration in North America. “By providing superior client service and support for CCA in Ireland, Northern Trust gave our client confidence that we are best positioned to administer their funds in the US.”
In a strong year for Northern Trust, the bank has seen its assets under custody and administration increase 7% and revenues from those lines rise 5%.
Combined with its technology innovation milestones throughout 2019, Northern Trust also earned the Global Custodian of the Year award at our ceremony in New York during November.