Northern Trust extends relationship with Pendal with new asset servicing mandate

New mandate follows a string of other new business wins by Northern Trust this year.

By Wesley Bray

Pendal Group has appointed Northern Trust to provide a suite of assert services for its businesses across Australia, UK and Ireland.

In addition, Northern Trust has expanded the number of services it currently provides for Pendal’s business in the US.

Pendal is a global investment manager with AUD 139.2 billion (approximately USD 104.4 billion) in funds under management.  

Northern Trust’s asset servicing appointment will cover Pendal’s wholly owned subsidiary,

J O Hambro Capital Management (JOHCM) in North America and Europe, as well as its Australian business.

JOHCM established its first mutual fund offering in the US in 2009 and since then, Northern Trust has provided fund administration, regulatory administration, global custody and transfer agency services to the company.

The new mandate won by Northern Trust will be extended to include global custody, fund accounting, financial and regulatory reporting, collateral management, and foreign exchange and middle-office services across all Pendal’s businesses.

“We conducted an extensive RFP and due diligence process and, following this, are pleased to continue growing our partnership with Northern Trust’s asset servicing business,” said Nicholas Good, Pendal’s CEO.

“Their expansive service offering will allow us to consolidate the number of providers we have across the business, thereby simplifying our operating platform and standardising a number of our key processes.”

Over the last year, Northern Trust has won a string of asset servicing mandates. Most recently,it was appointed by Guernsey-domiciled investment firm Castelnau and the Common Contractual Fund (CCF) to provide a range of services.

In addition, eight Local Government Pension Scheme (LGPS) funds from the UK with combined assets of £44.8 billion ($61.6 billion) appointed Northern Trust to provide global custody services earlier this year.

This followed a similar agreement with the UK’s Coal Pension Trustees Services (CPT) for Northern Trust to provide a wide range of global custody, asset servicing and data and analytics services, announced in May.

“We are delighted to see the expansion of our partnership globally with Pendal to include their Australia, UK and Ireland operations,” said Pete Cherecwich, president for corporate and institutional services at Northern Trust.

“This mandate underscores the value of our global operating model and focus on supporting our clients across the globe in whichever markets they operate.”

 

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