Northern Trust has been appointed by Chicago-based private investment firm 5th Century Partners (5CP) to provide fund administration and related services.
The relationship includes banking, investor services and support for the launch of 5CP’s debut fund, which closed to investors earlier this year with $144 million in capital commitments.
Northern Trust asset servicing provides fund administration, fund accounting and investor services to 5CP through its private capital administration unit, while Northern Trust wealth management provides banking services. In addition, 50 South Capital Advisors, a unit of Northern Trust asset management, served as an advisor to select investors seeking access to the fund.
“Northern Trust and 5CP are building a strong and promising relationship as we support 5CP’s mission to drive economic and social impact for all of their stakeholders,” said Kimberly Evans, head of corporate sustainability, inclusion and social impact at Northern Trust. “Northern Trust’s client-driven culture, technology and global reach provide a robust platform for diverse and emerging managers, and we believe 5CP’s commitment to positively impact investors and communities aligns with Northern Trust’s corporate values.”
Marques Torbert, co-founder and partner of 5CP, added that the business has benefitted from the financial strength and expertise that Northern Trust brings to its clients. “Beyond being our financial partner, Northern Trust shares our vision to transform how business is conducted and to generate strong financial outcomes that can lead to economic and social impact.”
Northern Trust has announced a flurry of mandates in recent weeks, most recently supporting AMF in becoming an IORP pension provider in Sweden. In the fourth quarter of 2021, the custodian saw revenues from investment servicing rise 8% year-on-year.