-Northern Trust wins series of new Common Investment Fund clients.
Global Banking News - 20 October 2011
Northern Trust (NASDAQ: NTRS) has said that it has registered nearly a 30 percent increase in assets under administration for Common Investment Fund (CIF) clients in the UK, over the past 12 months.
'CIFs are popular among clients with more sophisticated investment structures, but with very individual unitisation and accounting requirements,' said Penelope Biggs, head of the Institutional Investor Group for Europe, Middle East and Africa. 'At Northern Trust we have developed a market leading unitisation product, which integrates comprehensive accounting with performance analytics through a single global platform. This innovative solution, coupled with our extensive experience in supporting complex asset pooling structures for a variety client types, including pensions funds, sovereign wealth funds, and fund managers means we are well placed to cater to CIFs' unique requirements,' she added.
An unregulated pooled investment fund, CIF is set up specifically for charities and pension funds in the UK. Northern Trust offers a range of services to CIF clients, including acting as master record keeper and, if needed, performing accounting for assets held externally to the CIF, and supporting the individual needs of the underlying participants.
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