Northern Trust expanded its hedge fund administration and operations services in 2006, adding more than 50 new funds and $1 billion in assets for funds serviced in the US.
“We selected Northern Trust for the depth and flexibility of its service offering, including expertise in fund administration across alternative asset types and sophisticated technology for delivering the customized portfolio reporting that our funds require,” says Steve Wakefield, operations manager for PSolve Alternative Investments, one of Northern Trusts new hedge fund administration clients. “Northern Trust worked closely with us to design a fund administration solution that will allow us to maintain our investment focus as we develop new products and execute our global growth strategy.”
Northern Trust now provides services to 54 managers and 167 hedge funds worldwide; with total assets is $23 billion. As a hedge fund administrator it provides fund accounting and transfer agencies with automated links to prime brokers who act as custodians. In the last year it enhanced its portfolio reporting, risk modeling systems and derivatives processing, among others.
“Hedge fund managers have welcomed Northern Trust’s approach ‘blending a fiduciary heritage and reputation for high-end client service with strong, institutional-strength controls’ as a distinct and valuable offering in the market place,” says Rick Wills, senior vice president and head of Northern Trust’s global fund services business in North America. “We will continue our strategic expansion of hedge fund services in the US in 2007 in response to rising global demand for institutional quality, world class controls and independent administration of alternative fund assets.”