West Palm Beach (HedgeCo.Net)- Leading UK investment manager, Hermes Fund Managers Limited (Hermes), announced the appointment of US hedge fund manager Northern Trust, to provide middle office outsourcing fund administration and custody.

With an anticipated £23 billion ($45 billion) in assets under management, the middle office plans to include the UK’s largest Pension Scheme ("BTPS"), which will be in excess of £45 billion ($88 bilion).

As part of the arrangement Northern Trust will also support the launch of Hermes’ new range of Dublin-based funds providing trustee, custody, fund accounting and transfer agency services.

"Northern Trust was appointed following a rigorous selection and due diligence process from a short-list of two providers." Rupert Clarke, Chief Executive of Hermes said, "Outsourcing these functions is consistent with our strategy of focusing on growing a specialist investment management business."

Northern Trust, a multibank holding company based in Chicago, has international offices in 15 locations in North America, Europe, the Middle East and the Asia-Pacific region. Northern Trust had assets under custody of $4.0 trillion, and assets under investment management of $778.6 billion.

Hermes currently has £36.2 billion ($70.4 billion) under management, investing assets on behalf of 206 clients, including pension funds, insurance companies, government entities and financial institutions, as well as charities and endowments.

Alex Akesson

Email: alex@hedgeco.net

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