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Northern Trust Press Release


Northern Trust Selected By William Blair to Provide Services for Luxembourg-based Tax-Efficient Funds

Luxembourg, April 26, 2013 —

Northern Trust has been appointed by William Blair & Company, L.L.C., the global financial services firm with more than $50 billion of assets under management, to support William Blair’s Luxembourg-domiciled Fonds Commun de Placement ("FCP").  The William Blair FCP provides a tax-efficient fund vehicle aimed at benefiting non-U.S. based investors.

Northern Trust will provide global custody, fund administration, investor-level tax withholding and management company services for the FCP, a tax-transparent entity established in Luxembourg through which investors may qualify for reduced withholding tax rates on equity dividends. William Blair selected Northern Trust for its expertise in developing and supporting contractual funds that optimize tax transparency and reduce withholding tax drag.

"The addition of a tax-transparent fund structure to the existing William Blair fund line-up is strategically important, given our success in attracting non-U.S. investors to our investment strategies,” said Rick Smirl, Chief Operating Officer of William Blair Investment Management. “The FCP delivers the benefits of U.S. tax treaties to eligible investors and provides them with a tax-efficient fund option. Over time, we expect increasing investor interest in our FCPs, and we believe Northern Trust can support this expansion on a global scale.”

“We are delighted to partner with William Blair on this initiative, which supports its growing international client base for asset management,” said Steve David, Country Head-Luxembourg for Northern Trust. “Our global operating platform and local market expertise helps asset managers extend their business into new markets. Contractual fund vehicles are a key aspect of a successful global strategy, as tax transparency can help investment managers improve performance, increase investor returns, and increase assets by aggregating tax exempt investors from multiple jurisdictions.”

Northern Trust is a pioneer in cross-border asset pooling and was the first to fully support tax-transparent funds, created to pool the assets of investors from multiple jurisdictions with multiple tax rates, investing in multiple jurisdictions. As of March 31, 2013, Northern Trust has 24 clients on its tax transparent, global pooling platform, with more than US$78 billion in assets under custody.

About William Blair & Company

William Blair & Company is a global financial services firm. We are committed to building enduring relationships with our clients and providing expertise and solutions to meet their evolving needs. An independent and employee-owned firm, William Blair is based in Chicago, with office locations in 12 cities including London, New York, Shanghai, and Zurich. For more information, please visit williamblair.com.

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 March 31, 2013, Northern Trust had assets under custody of US$5 trillion, and assets under investment management of US$810.2 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.

© 2013 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. For regulatory information about individual market offices, visit northerntrust.com/disclosures.

The Northern Trust Company, London Branch, Northern Trust Global Services Limited

Northern Trust Global Investments Limited. The following information is provided to comply with Article 9(a) of The Central Bank of the UAE’s Board of Directors Resolution No 57/3/1996 Regarding the Regulation for Representative Offices:  Northern Trust Global Services Limited, Abu Dhabi Representative Office. Northern Trust Global Service Limited Luxembourg Branch, 2, rue Albert Borschette, L-1246, Luxembourg

Succursale d’une société de droit étranger RCS B129936. Northern Trust Luxembourg Management Company S.A., 2, rue Albert Borschette, L-1246, Luxembourg

Société anonyme RCS B99167. Northern Trust (Guernsey) Limited (2651)/Northern Trust Fiduciary Services (Guernsey) Limited (29806)/Northern Trust Fiduciary Company (Guernsey) Limited (46534)/Northern Trust International Fund Administration Services (Guernsey) Limited (15532) Registered Office: Trafalgar Court Les Banques, St Peter Port, Guernsey GY1 3DA.

For regulatory information about all our offices and legal entities, visit northerntrust.com/disclosures.

This material is directed to eligible counterparties, institutional investors, expert investors, professional investors and professional clients only and should not be relied upon by retail clients or retail investors.