Northern Trust has been selected by US hedge fund Sands Capital Management to provide a range of fund services to its Ireland-domiciled UCITS umbrella fund.
The mandate, which includes fund administration, transfer agency, depositary and global custody services, builds on Northern Trust’s existing relationship with Sands Capital, which includes providing asset servicing solutions for its unregistered funds domiciled in the US.
In a statement, Sands Capital’s chief administrative officer, Dana McNamara, said the hedge fund is consolidating service provision “to streamline our operating model and create efficiencies across our fund operations”.
“In Northern Trust, Sands Capital has appointed an asset servicing partner with the scale, experience and technology to support the significant growth of our funds and help us continue to deliver a premium-level service to our investors as we grow,” McNamara added.
The $6 billion UCITS umbrella fund currently operates four sub-funds delivering equity investment strategies focused on global, US and emerging markets. The appointment sees Sands Capital consolidate provision of all asset servicing functions to Northern Trust.
“Across our business, we are working with forward-looking clients such as Sands Capital to optimise their operating models, maximise technology use and enhance the scalability of their fund operations,” added Clive Bellows, head of global fund services, Europe, Middle East and Africa at Northern Trust.
“Our global reach and comprehensive set of solutions means Northern Trust is well-placed to help Sands Capital reach new investors and execute its strategic plans.”
Northern Trust has been on a streak of mandate wins of late, adding to its third quarter performance which saw assets under custody and administration rise by 13% year-on-year. In addition, the firm’s income from custody and fund administration also rose 5% from the previous quarter.
Since then, Northern Trust has struck deals with Keiger Group, Emerald Technology Ventures and Pershing Square as it continues its run.