Northern Trust says the migration of the Baring Financial Services Group (FSG) institutional custody clients to Northern Trust’s single, worldwide custody platform has been completed. Northern Trust finalized its acquisition of FSG in March last year.
Northern Trust explains that the migration has involved US$34 billion in client assets with thousands of individual securities positions across portfolios in 50 markets.
“Since the completion of Northern Trust’s acquisition of FSG, we have been working diligently to achieve the successful integration of FSG’s activities into Northern Trust,” says Joyce St. Clair, Northern Trust Executive Vice President and head of the FSG Integration Team. “We are delighted at having passed this milestone in slightly less than a year, which is a testament to the hard work of Northern Trust partners across the enterprise.”
Northern Trust adds that the migration of FSG fund accounting clients is also proceeding according to plan, with over 50% of clients already transferred and now operating on the Northern Trust system.
“Operating from a single, worldwide custody platform is one of Northern Trust’s key differentiators, and an important element of our client servicing model,” says St. Clair. “We expect the fund accounting clients to be fully transitioned ahead of schedule and expect that process to be completed within the next six months.”