Independent Franchise Partners, the independent London-based investment manager, has retained Northern Trust to provide investment operations outsourcing for 5.2 billion in assets under management.
Northern Trust will provide custody, investment operations, fund accounting, transfer agency, performance measurement and client reporting to the London based investment management group.
When IFP first approached Northern Trust in 2009, it was looking for one of the shortest launch periods we had seen in the industry from appointment to migration in 72 days, said Mark Herraman, head of investment operations outsourcing business development at Northern Trust. Now, three years later, we are delighted to continue to support them by taking away the administrative burden of investment management, enabling them to focus on capturing investment opportunities.
Separately, State Street has been appointed depositary bank to the two main pension schemes of Monte dei Paschi Bank in Italy. The schemes hold a combined total of approximately 2 billion in assets, making this one of the largest pension mandates to be awarded in the Italian market so far this year.
Specifically, State Street will provide services for the Cassa di Previdenza aziendale scheme and Complementary Pension Fund – both which are for employees of Monte dei Paschi di Siena bank.
We chose State Street because its global scale and local market expertise can offer the highest quality of depositary services as well as support our current and future needs,” said Marco Turchi and Angelo Dringoli, the newly appointed chairman of Monte dei Paschi Pension Funds.
(JDC)