Northern Trust has been appointed administrator for a number of UK Common Investment Funds (CIF), including the $1.3 billion Veolia CIF, the $600 million TUI Travel PLC CIF as well as the extension of an existing mandate for the $2.3 billion States of Jersey CIF.
CIFs are a type of unregulated pooled investment fund set up specifically for charities and pension funds in the UK. By pooling the assets of its underlying participants, a CIF can provide access to a broad range of asset classes, such as equities, bonds, derivatives, property, private equity and hedge funds in a tax-efficient and economical structure.
CIFs are popular among clients with more sophisticated investment structures, but with very individual unitization and accounting requirements, says Penelope Biggs, head of the Institutional Investor Group for Europe, Middle East and Africa. Biggs says Northern Trusts platform is well placed to cater to the unique requirements of CIFs.
Northern Trust offers a range of services to CIF clients, acting as master record keeper and in some instances performing accounting for assets held external to the CIF, supporting the individual needs of the underlying participants.
(CG)