Northern Trust has replaced State Street as custodian for Harding Loevner, a U.S. fund management firm. Northern Trust will provide custody, fund administration and accounting services, transfer agency, and cash management services to Harding Loevner Funds, a $3 billion U.S. mutual fund family.
Northern Trust has also become a full service provider for Harding Loevner’s U.S. based Collective Investment Trust for Retirement Plans and its Dublin-based UCITS funds.
In September Northern Trust also won the London Borough of Wandsworths $1.2 billion global custody and investment accounting mandate from State Street and J.P.Morgan.
“Northern Trust’s servicing model was very attractive to us. Their ability to assign quality people to our relationship and their use of flexible technology were important considerations in our decision. We were interested in a service provider that could consolidate all the functions required to support our products efficiently,” said Ric Reiter, chief operating officer of Harding Loevner. “Northern Trust has the global infrastructure to support our needs both now and in the foreseeable future, as we deliver products that involve investments around the world, including the frontier markets. Our focus is on managing our investment strategies for our clients and we expect Northern Trust to manage the operations of our funds, both in the US and overseas, to ensure a positive client experience.”
“We are delighted to announce this significant new business relationship with Harding Loevner, a respected fund management organization that shares our commitment to transparency and integrity,” said Peter Cherecwich, chief operating officer for corporate & institutional services at Northern Trust. “Our footprint in the U.S. mutual fund marketplace continues to grow, as investment managers recognize the strength of our brand and the depth and stability of our Global Fund Services team.”