Reclaim Fund has appointed NorthernTrust to provide custody and customized performance risk reporting services to £350 million in assets.
Reclaim Fund, established under the Dormant Bank and Building Society Accounts Act 2008 in the UK, makes available for good causes money which has been lying dormant in bank and building society accounts for 15 years or more. Since beginning operations in March 2011, Reclaim Fund has transferred £98 million of the money it has received from banks and building societies to Big Lottery Fund for reinvestment in the community.
"As a not-for profit organization, authorized by the Financial Conduct Authority, we have very specific reporting requirements," said Adrian Smith, managing director at Reclaim Fund. "NorthernTrust devised a customized risk reporting solution to help us meet these requirements and support us through the evolving regulatory landscape. This bespoke solution combined with its longstanding financial strength made NorthernTrust the right partner for us."
"We are delighted to extend our specialist not-for-profit asset servicing solutions to Reclaim Fund Ltd," said Madeleine Senior, head of business development for NorthernTrust in Europe, Middle East and Africa. "Traditionally, we have seen demand from not-for-profit organizations to safeguard their assets. Now as they begin to diversify their investments into alternatives, they face increasing challenges around the costs and complexities within this asset category. Precipitated by the continuously changing regulatory environment, NorthernTrust leverages its specialist Investment Risk and Analytical services group to help our clients meet their unique reporting requirements."