Northern Trust has been appointed by U.K. investment manager WAY Fund Managers to act as depository and custodian for more than 60 funds valued at approximately $1.9 billion.
The mandate comes as the Alternative Investment Fund Directive (AIFMD) requires managers to appoint a depositary for each AIF it manages, and Northern Trust has recently expanded its European depositary services across multiple fund types, asset classes, fund locations and investment strategies, in order to meet the requirement for depositary services. In addition to offering services in Ireland, Luxembourg and the Channel Islands, Northern Trust now offers depositary services in the U.K. and The Netherlands.
“Following a detailed review of our services we are pleased to appoint Northern Trust as depositary and custodian to a number of our funds,” says Peter Hugh Smith, chief executive officer at WAY Fund Managers. “Northern Trust offers market-leading depositary services, which meet our requirements and this, coupled with their significant experience in global custody, were key factors in the appointment.”
“Regulation continues to have a significant impact on fund managers across the globe,” says Alastair Hay, head of UK depositary services at Northern Trust. “We understand our clients have unique challenges and we are committed to continuing to develop and invest in our depositary services business to support our fund manager clients in complying and taking advantage of the new regulatory environment. We are pleased to be working with WAY Fund Managers as we continue the strong expansion of our UK depositary business.”
U.K. Investment Manager Appoints Northern Trust as Depository and Custodian
Northern Trust has been appointed by U.K. investment manager WAY Fund Managers to act as depository and custodian for more than 60 funds valued at approximately $1.9 billion.