Investment manager Hermes has migrated its trade management function to Northern Trust, completing the first step in the outsourcing of its investment operations.
This is the latest in a series of completed milestones between Northern Trust and Hermes that include the transition of global custody services for the BT Pension Scheme to Northern Trust and the provision of fund administration services to a range of newly launched Irish domiciled Funds.
This is a significant milestone in our outsourcing partnership with Northern Trust, said Rupert Clarke, Chief Executive of Hermes. Outsourcing these functions is consistent with our strategy of growing a specialist asset management business and our appointment of Northern Trust in June 2008 was in line with this. Since then, we have worked closely with Northern Trust to transition these services and are pleased that the transition has been completed so smoothly.
Northern Trust announced in 2008 that it would provide outsourcing, fund administration and custody services to Hermes and custody to the UKs largest pension scheme, the BT Pension Scheme. Northern Trust supported the launch of Hermes new range of five equity funds and two fund of hedge funds by providing fund accounting, transfer agency, global custody and trustee services.
We are delighted to have completed this significant step in our outsourcing relationship with Hermes, said Toby Glaysher, head of Northern Trusts Global Fund Services business in the UK. Northern Trust provides full and component outsourcing services to some of the world’s most sophisticated and successful asset managers on our strategic global platform. Providing trade confirmation and matching services is just one of the ways Northern Trust can help support our clients goals, and match their unique requirements.