Northern Trust has been appointed but by the Nesta Trust, formerly known as the National Endowment for Science, Technology and the Arts in the UK, to provide custody and related services for 345 million in charity assets.
This latest mandate adds to previous charity and foundation mandates secured by Northern Trust including the 710 million Health Foundation, and the 881 million National Trust.
As a newly created charity we were looking for a custodian that could demonstrate a strong track record in providing solutions for charities, foundations and endowments and understood our distinct challenges, said Matt Mead, chief investment and financial officer at Nesta. In particular we were looking for an asset servicing provider that could support our investments in a broad mixture of asset classes and provide leading broker dealer and transition management services.
Northern Trust demonstrated an unswerving commitment to understanding our unique needs and tailoring a proposition to support them, and we are delighted to appoint them to work with us as we continue to grow and improve the innovation capacity of the UK, Mead added.
Douglas Gee, head of sales for Northern Trusts Institutional Investor Group. Through our experience servicing charities, foundations and endowments we have aligned our asset servicing and asset management expertise to best effect to support their requirements and navigate these complexities.
(JDC)