Northern Trust has been selected by investment manager Pzena Investment Management to provide fund administration and global asset servicing for its UCITS funds.
The deal continues the Chicago-based custodian’s hot streak this summer, in which it has announced a range of deals for its asset servicing businesses.
The latest appointment extends Northern Trust’s long-standing relationship with Pzena’s $37.4 billion assets under management.
Northern Trust will now service its funds domiciled in the US, Ireland and Australia – as well as supporting its worldwide investors, fund distribution strategies and strategic plans for future expansion.
“As Pzena further extends its product range and distributes funds into new markets, the business continues to grow in size and complexity,” said Evan Fire, principal, chief information and operations officer and chief information security officer at Pzena Investment Management.
“In Northern Trust, we have a global strategic asset servicing partner in place with the expertise, technology and scale to support our plans as we expand. This relationship also helps us focus more closely on our specialism of long-term value investing and on exceeding our investors’ client service requirements.”
Northern Trust has announced a series of deals throughout June and July, including a mandate from the Government of South Australia for $24 billion investment fund, a custody agreement with the world bank, and administration partnerships with three hedge funds.