Pendal, a global investment manager with funds under management of $139.2 billion, has appointed Northern Trust to administer global custody, fund accounting, financial and regulatory reporting, collateral management, and foreign exchange and middle-office services across all of its businesses.
Previously, Northern Trust was enlisted to offer fund administration, regulatory administration, global custody and transfer agency services to Pendal’s subsidiary J O Hambro Capital Management (JOHCM) since establishing its first mutual fund offering in the US in 2009.
“Northern Trust have delivered high quality service to our US business for over a decade now,” said Nicholas Good, Pendal’s chief executive.
“We conducted an extensive RFP and due diligence process and, following this, are pleased to continue growing our partnership with Northern Trust’s asset servicing business.
“Their expansive service offering will allow us to consolidate the number of providers we have across the business, thereby simplifying our operating platform and standardizing a number of our key processes,” said Mr Good.
Earlier this month, Pendal confirmed FUM had doubled to $139.2 billion on the back of the Thompson, Siegel & Walmsley (TSW) acquisition in July.
