Northern Trust Wins $1.2bn Fund of Hedge Funds Custody & Fund Administration Mandate
LONDON, DUBLIN, August 15, 2005 —
Northern Trust, a leading provider of global custody, asset administration and investment management services, has been selected by Swiss Capital Group to provide custody and fund administration services to its entire fund-of-hedge-funds range comprising 15 funds with a value of approximately US$1.2 billion ( €1 billion)."We see our selection by Swiss Capital as a strong endorsement of our capabilities and we look forward to working with them," said Jonathan Quigley, Director of Technical Sales for alternative asset administration at Northern Trust in Dublin. "As the funds of hedge funds market place continues to grow in both size and complexity, this is creating more opportunities for full service administrators that have the expertise and experience in this area — like Northern Trust — to be able to provide a high level of operational risk management and world class servicing to this type of client."
Marcel Schindler, Chief Operating Officer and Partner at Swiss Capital Group, said, "After conducting a comprehensive review of the administrators and custodians that supply services to the fund of hedge funds market, we chose Northern Trust because of its strategic view on the hedge fund business, its experienced team and its superior technology."
Northern Trust Corporation (NASDAQ: NTRS) is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a multibank holding company based in Chicago, has a growing network of 84 offices in 18 U.S. states and has international offices in seven countries. As of June 30, 2005, Northern Trust had assets under custody of $2.7 trillion, and assets under investment management of $590 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining high-touch service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.