Northern Trust has bee appointed global custodian by MMA Praxis Mutual Funds. The banks will also provide foreign exchange, securities lending, and transition management services, for five of their funds with a combined total of $415 million in assets.
“We had a very good experience with Northern Trust staff as they handled our transition to their firm,” says John L. Liechty, senior vice president of MMA and president of MMA Praxis Mutual Funds.
MMA Praxis, a leading “religiously oriented” fund family, is part of MMA (Mennonite Mutual Aid), a national stewardship organization based in Indiana.
“We are very pleased to have been selected by MMA Praxis Mutual Funds to support their fund services need. They represent an important client addition as a result of their extensive use of Northern Trust’s various value-added products,” says Ann Zeiler, Vice President, Northern Trust Global Fund Services.
Northern Trust currently supports 153 clients in 19 countries, with a combined $240 billion in assets.