Northern Trust’s assets under custody in cross-border pooling vehicles have more than doubled in the last year to $24 billion as both investment managers and other institutional investors realise the benefits of aggregating the assets of investors from multiple countries into tax efficient funds.
“The appetite for cross-border pooling continues to grow,” says Peter Cherecwich, head of institutional strategy and product development at Northern Trust. “We have a market-leading solution that supports both tax-transparent and non-tax-transparent funds with multiple countries of investment and multiple countries of investor.”
Volkert de Klerk, Director, Multi Management at ING, a pooling client since 2005, adds: “Through the implementation of our ING Multimanager fund with Northern Trust, ING can offer the combination of a multimanager strategy within a tax-transparent structure.”