Northern Trust has been appointed by Australian based investment manager, Magellan Asset Management Limited (trading as MFG Asset Management in the UK and the U.S.), to act as global custodian to its Australian management investment schemes, Magellan Global Fund and Magellan Infrastructure Fund, with funds under management of approximately US$2.5 billion at 31 December 2012.
In addition, Northern Trust will be providing a full suite of custody and fund administration services to support a planned UCITS fund that Magellan expects to launch in Ireland in the March quarter of 2013. Magellan Asset Management Limited has total funds under management of approximately US$6.7 billion.
Nerida Campbell, Magellan's Chief Operating Officer, said: "Our decision to appoint Northern Trust was made after a detailed review that confirmed Northern Trust's capabilities in respect to the range of services we require to support our globally invested Australian funds. Northern Trust's local expertise and client service model and importantly Northern Trust's experience and service solutions for Magellan's Irish UCITS fund. Our relationship with Northern Trust will support Magellans business growth and success both in Australia and overseas."
"Northern Trust offers a full range of capabilities and solutions to investment managers globally and is delighted to welcome Magellan as a significant new client in Australia," said Rohan Singh, Managing Director for Northern Trust Australia. "Magellan recognised the sharp client focus we bring to relationships, the ability to offer the services they need today as well as a sustainable platform for growth as adding value to their growing business. Magellan gained additional comfort from knowing that Northern Trust already supports Australian clients who have both domestic and offshore funds in Ireland - thus offering a tried and tested model. We look forward to a long and rewarding relationship together."
Northern Trust is a full-service provider to the Australian market and delivers a range of solutions for institutional clients; including Australian investment accounting and tax, unit registry services, investment operations outsourcing, and specialised custody solutions. Northern Trust utilises its single global operating platform to combine the scale and expertise of a global organisation with the focus and experience of a local provider.
About Magellan Asset Management Limited
Magellan is a specialist funds management business based in Sydney, Australia. Magellan manages global equities and global listed infrastructure strategies for institutional investors and high net worth and retail investors. Magellan is the sole operating subsidiary of Magellan Financial Group Limited which is listed on the Australian Securities Exchange.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2012, Northern Trust had assets under custody of US$4.8 trillion, and assets under investment management of US$758.9 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.
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