Northern Trust Appointed Custodian For Zurich’s New Investment Unit

Zurich U.K. Life has appointed Northern Trust as its custodian and depositary bank for a new investment services division.

The Chicago-based bank will also provide transfer agency and fund accounting services.

“As the market continues to evolve, we see an increasing demand for flexible solutions that can support unique risk profiles and market requirements,” says Wilson Leech, head of Northern Trust in Europe, Middle East and Africa (EMEA).

Following regulatory approval, Zurich will establish its own Authorized Corporate Director (ACD), which will be named as Zurich Investment Services UK. This will enable Zurich to launch its own-branded funds managed by a number of external partners.

However, as an ACD, Zurich will not directly manage funds but instead will act as a multi-manager, selecting the best fund manager to partner with each fund, or range of funds it launches.

“We regularly assess the most efficient and effective way of structuring our approach to providing investment solutions. The creation of our own ACD is an important step for us and will be essential to ensuring the smooth running, compliance and quality of service around funds,” adds Gary Shaughnessy, CEO, Zurich U.K. Life.