Northern Trust has been selected by the UK-based Charities Aid Foundation (CAF) to provide custody, fund administration and transfer agency services to two of its common investment funds with approximately GBP430 million in charity assets.
“This mandate has enabled us to demonstrate that we can provide a range of premium asset servicing solutions to meet the needs of charity sector clients,” said Jeremy Hester, senior vice president, Global Fund Services business, Northern Trust.
The origins of CAF date back to 1924, when the National Council of Social Service in the UK set up a charities department to encourage more efficient giving to charity.
“Northern Trust has a flexible, consultative approach to addressing our requirements. The fact that it can provide us with custody, fund accounting and transfer agency all under one roof is highly attractive,” said Tracey Reddings, executive director, Charity Financial Services, CAF.”