Northern Trust has extended its long-standing relationship as the fund administrator for Driehaus Capital Management and its affiliated family of mutual funds.
Through this expanded relationship, Northern Trust will provide fund accounting, fund administration, regulatory administration, transfer agency and global custody services to the Driehaus Mutual Funds.
Northern Trust was appointed in 2009 to provide global custody and related services to Driehaus entities, including the Driehaus Mutual Funds and The Richard H. Driehaus Foundation.
Driehaus said it further expanded Northern Trust’s service mandate due to their “long-standing, strong and reliable relationship”.
“The top-to-bottom professionalism and industry expertise of the Northern Trust team allowed us to successfully consolidate multiple service provider relationships into a single provider model. Through the combination of administration, fund accounting, transfer agency and custody with Northern Trust, we were able to reduce operational risk and further scale expenses to the benefit of our shareholders,” said Bob Kurinsky, chief operating & financial officer of Driehaus Capital Management and treasurer of the Driehaus Mutual Funds.
The announcement builds on a strong second half of the year for the Chicago-headquartered custodian where a range of asset servicing mandates have been secured.
These include a custody mandate from Dubai-based asset manager, Sancta Capital, a deal with Federated Mutual Insurance Company to provide global custody and cash management services for over $7 billion in insurance assets and the selection by Marks & Spencer Pension Trust in the UK to provide a range of asset servicing solutions to its £11 billion pension scheme.
“We appreciate our long-standing relationship with Driehaus and look forward to continuing to partner with them to help achieve their strategic goals,” said Ryan Burns, head of global fund services, Americas at Northern Trust. “As a fund services provider, we support the asset manager’s whole office by delivering scale, efficiency, and flexibility across the investment lifecycle. Our aim is to continually build on our support, and to grow along with our clients.”