As part of the mandate, Northern Trust will provide custody, trade services, fund accounting, transfer agency, performance measurement and client reporting.
John Kelly-Jones, chief operating officer at IFP, said: “We were impressed by Northern Trust’s ability to build and rapidly implement a flexible, yet robust platform which not only enabled us to meet an aggressive launch date, but also supported the diversity of our client base and accommodated our rapid growth.”
Toby Glaysher, head of global fund services business UK at Northern Trust, said: “At Northern Trust we pride ourselves on being a business enabler for our outsource clients. Independent Franchise Partners was looking at one of the shortest launch periods we have seen in the industry – from appointment to migration in 72 days. Our ability to get our clients and their products to market quickly is a key differentiator for us.”
Northern Trust is a Chicago-based provider of investment management, asset and fund administration, banking solutions and fiduciary services for financial industry. As of December 31, 2009, Northern Trust had assets under custody of $3.7 trillion, and assets under investment management of $627.2bn.