Northern Trust Wins Fund Accounting Mandate

Northern Trust says Delaware based Friess Associates LLC has appointed its Global Fund Services Practice to provide custody, fund accounting, and short term cash management services to its recently launched Delaware business trust. The Friess Small Cap Trust is available

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Northern Trust says Delaware-based Friess Associates LLC has appointed its Global Fund Services Practice to provide custody, fund accounting, and short-term cash management services to its recently launched Delaware business trust. The Friess Small Cap Trust is available to both high net worth individuals and institutional investors.

“We are looking forward to a mutually beneficial relationship with Friess Associates, as we feel that our experience and expertise with trust products and unregistered funds makes us a very suitable provider,” says Peter Lambesis, Vice President of Northern Trust Global Fund Services Practice. Northern Trust was also selected to provide on-line services via Global Investor PassportSM.

The Friess Associates Small Cap Trust was launched in response to clients and consultants who sought a vehicle that would harness Friess Associates’ long-term track record of outperformance in the small-cap realm, without having to meet Friess’s traditional $25 million minimum for individual portfolio management services. Investors can participate in the Small Cap Trust with a $5 million investment. Total net assets in the Trust are targeted to reach $100 million by year-end.

“We see the Friess Small Cap Trust as a natural extension of our services that will allow a broader range of individuals and institutions to access our small-cap services,” says Christopher Long, Chief Operating Officer of Friess Associates, LLC. “We are excited that a number of high-net worth individuals as well as endowments and foundations have already subscribed to the Small Cap Trust.”

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