Northern Trust has been appointed by Premier Asset Management to provide custody, transfer agency and fund accounting services to its latest range of OEIC (open ended investment company) funds, valued at $1.4 billion.
The appointment adds to an existing $1.6 billion custody and fund administration mandate held by Northern Trust with Premier for a number of years.
Premier appointed Northern Trust following a comprehensive review of its existing operating model and in line with a requirement to consolidate its arrangements across the different fund ranges, Northern Trust said in a statement.
We were looking for a provider who could support our ambitious growth plans, says Mark Friend, managing director of operations at Premier. Northern Trust is able to provide Premier with a high level of automation, the ability to outsource more functionality and in doing so eliminate duplicated processes. This has resulted in significant cost savings and removed the potential barriers for future expansion associated with our old model.
Toby Glaysher, head of Global Fund Services for Ireland, Luxembourg and the UK at Northern Trust, adds: We are delighted to continue to build on our relationship with Premier and look forward to supporting them as they continue to expand.”