Northern Trust has been appointed by international real estate manager Cordea Savills to provide fund accounting, custody and trustee services to its new open-ended UK Income and Growth Fund.
The fund, which has a target size of GBP 1billion, is aimed at professional investors seeking exposure to core UK property. The fund will be domiciled in Jersey, with a Luxembourg feeder fund.
We are already working with Northern Trust, and they have an experienced and professional team that continues to deliver the service we require, said Bill Hackney, Chief Operating Officer, Cordea Savills. Furthermore, Northern Trust demonstrated that it has the expertise to provide the central administration function we need, through an integrated fund accounting service spanning the U.K., Jersey and Luxembourg.
The structure and multi-jurisdictional requirements of Cordea Savills new fund is an excellent fit with our integrated, pan-European operating model, said Kate Stallard, Northern Trusts head of business development in Europe, Middle East and Africa, for real estate, infrastructure and private equity fund administration. We see our ability to combine a comprehensive European model with risk management and strong governance as the key to expanding our relationships with real estate managers.