Northern Trust has been appointed by the Health Foundation to provide custody and related services for 710 million (about $1.1 billion) in charity assets.
This latest mandate builds on previous charity client wins and is in line with Northern Trusts historical focus on charities, foundations and endowments.
We chose Northern Trust following a rigorous competitive tender because of its long track record in the asset servicing business and its [specialty] in serving the charities sector, says Daniel Thorndyke of the Health Foundation. Northern Trust demonstrated its understanding of our requirements, in particular a focus on accurate accounting, valuations and reporting for the sophisticated assets in which we are invested, and provided us with reassurance of their expertise in the landscape in which we operate. We are confident that Northern Trust will provide the Foundation with the critical asset servicing solutions necessary to enable us to focus on improving the quality of healthcare in the United Kingdom.
Douglas Gee, institutional business development manager for asset servicing at Northern Trust, adds: We understand that charities have a distinct set of challenges, and our deep understanding of the sector, together with our aligned asset servicing expertise, was integral to winning this client. Providing granular investment data and meaningful reportingespecially so in the more complex arena of alternative assetsis a critical aspect to the role of a global custodian today and an area in which Northern Trust continues to excel.
This latest win follows Northern Trusts appointment by the National Trust in 2010.
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