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Pendal Group Expands Relationship with Northern Trust
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Northern Trust (NASDAQ: NTRS) has secured an asset servicing mandate with Pendal Group Limited, managing approximately A$139.2 billion (US$104.4 billion). This agreement spans Australia, the UK, Ireland, and the US, expanding services provided to Pendal’s subsidiary, J O Hambro Capital Management. The partnership now includes global custody, fund accounting, financial reporting, and collateral management. Northern Trust's CEO expressed enthusiasm about the extended collaboration, emphasizing efficiency and standardization across Pendal's operations, reflecting the strategic growth in their global partnership.
Positive
Expanded asset servicing mandate with Pendal Group across multiple regions.
Increased service scope includes global custody, fund accounting, and collateral management.
Partnership reflects strong client satisfaction and trust in Northern Trust's service quality.
Negative
None.
Asset Servicing Mandate Extends Across Australia, UK, Ireland and U.S.
MELBOURNE, Australia--(BUSINESS WIRE)--
Northern Trust (Nasdaq: NTRS) has been appointed to perform a wide range of asset services to the Pendal Group Limited (Pendal) across Australia, UK and Ireland. Northern Trust has also expanded the number of existing services it performs for Pendal’s business in the United States.
The appointment by Pendal, a global investment manager with funds under management of A$139.2 billion (approximately US$104.4 billion), covers its wholly owned subsidiary J O Hambro Capital Management (JOHCM) in North America and Europe as well as its Australian business.
Northern Trust has provided fund administration, regulatory administration, global custody and transfer agency services to JOHCM since establishing its first mutual fund offering in the U.S. in 2009. This mandate will now be extended to include global custody, fund accounting, financial and regulatory reporting, collateral management, and foreign exchange and middle-office services across all Pendal’s businesses.
Nicholas Good, Pendal’s chief executive officer said, “Northern Trust have delivered high quality service to our U.S. business for over a decade now. They have a clear partnership approach and a service focus that is distinct from their peers. 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.”
Pete Cherecwich, Northern Trust’s president for Corporate & Institutional Services said, “We are delighted to see the expansion of our partnership globally with Pendal to include their Australia, UK and Ireland operations. This mandate underscores the value of our global operating model and focus on supporting our clients across the globe in whichever markets they operate.”
Northern Trust’s Global Fund Services (GFS) business provides fund administration, global custody, depositary, investment operations outsourcing and revenue enhancement solutions to global investment managers – supporting an extensive range of complex investment strategies across the full spectrum of asset classes. GFS is part of Northern Trust’s Whole Office™ strategy. Northern Trust Whole Office is an advanced open architecture, multi-asset class solution serving diverse market participants, including asset managers, asset owners, investors and third party administrators. By integrating proprietary architecture with innovative partners, Northern Trust Whole Office facilitates client access to new technologies and capabilities across the spectrum of Strategy and Trading, Operational, Data and Digital, and Analytics solutions.
About Pendal
Pendal is an independent global investment manager focused on delivering superior investment returns for clients through active management. Pendal manages A$139.2 billion in FUM (as at 30 September 2021) through J O Hambro, Europe, UK & Asia; JOHCM USA; Pendal Australia; Regnan and Thompson, Siegel & Walmsley (TSW).
Pendal operates a multi-boutique style business across a global marketplace through a meritocratic investment-led culture. Its experienced, long-tenured fund managers have the autonomy to offer a broad range of investment strategies with high conviction based on an investment philosophy that fosters success from a diversity of insights and investment approaches.
About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2021, Northern Trust had assets under custody/administration of US$15.8 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.
