MSN MoneyCentral – Northern Trust hedge fund administration and operations services expanded significantly in 2006, with more than 50 funds added during the year by new and existing clientsworldwide, including more than $1 billion in new assets for funds serviced out of its United States location.
Building on its reputation as a leading alternative fund administrator in Europe, Northern Trust now provides services to 54 managers and a total of 167 hedge funds worldwide, with assets of US$23 billion. Northern Trust offers full fund administration, custody and banking from locations in Chicago, Dublin, Guernsey, London, Luxembourg and Isle of Man on a single, global technology and operations platform.
“We selected Northern Trust for the depth and flexibility of its service offering, including expertise in fund administration across alternative asset types and sophisticated technology for delivering the customized portfolio reporting that our funds require,” said Steve Wakefield, Operations Manager, PSolve Alternative Investments, one of more than a dozen new hedge fund administration clients in 2006. “Northern Trust worked closely with us to design a fund administration solution that will allow us to maintain our investment focus as we develop new products and execute our global growth strategy.”
As hedge fund administrator, Northern Trust provides fund accounting and transfer agency with automated links to prime brokers acting as custodian. Northern Trust administers a broad spectrum of fund structures that employ an array of investment strategies across multiple jurisdictions, including Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Ireland and the U.S. Staffed by dedicated professionals with extensive knowledge of servicing and regulatory requirements for a wide range of structures and fund domiciles, and supported by scalable technology platforms, a global infrastructure, processes and disciplines, Northern Trust’s integrated services provide the high levels of control and transparency required by hedge fund investors, increasing data integrity.
