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Polar Capital Appoints Northern Trust to Provide Asset Servicing Solutions to its Melchior Selected Trust
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Northern Trust (NTRS) has been appointed by Polar Capital to provide global custody, depositary, transfer agency, fund accounting, and currency management services for the Melchior Selected Trust. This trust, established in 2010, has assets of £812 million as of August 31, 2022. The collaboration aims to consolidate service providers, enhance operational efficiencies, and simplify fund administration for European investors, furthering Northern Trust's longstanding partnership with Polar Capital since 2001.
Positive
Extended relationship with Polar Capital enhances service consolidation and operational efficiency.
Expected to simplify administration for Luxembourg-domiciled funds, improving investor experiences.
Negative
None.
Mandate for Luxembourg-Domiciled Funds Extends Relationship, Drives Efficiencies, Supports European Distribution
LONDON--(BUSINESS WIRE)--
Northern Trust (Nasdaq: NTRS) today announced it has been appointed by Polar Capital to provide global custody, depositary, transfer agency, fund accounting and currency management-related services to its Melchior Selected Trust.
Headquartered in London, Polar Capital is a specialist, investment-led, active fund manager with £19 billion of assets under management (as at 30 June 2022). It currently has 15 autonomous investment teams in the United Kingdom, France, Spain, Germany, Switzerland, the United States (U.S.) and China managing specialist, active and capacity-constrained portfolios.
Domiciled in Luxembourg, Polar Capital’s Melchior Selected Trust was launched in 2010 and comprises the Melchior Absolute Return Fund, European Opportunities Fund and Global Equity Fund. All are structured under a Société d'Investissement à Capital Variable (SICAV), fund umbrella, with assets under management collectively of £812 million (as of 31 August 2022)
Northern Trust has provided asset servicing solutions to Polar Capital since the company’s formation in 2001. These include fund administration and global custody services for its Ireland-domiciled Undertakings for the Collective Investment in Transferable Securities (UCITS) fund range and two funds domiciled in the U.S.
Gavin Rochussen, chief executive officer at Polar Capital, comments: “Appointing Northern Trust to support the Melchior Selected Trust Funds allows us to consolidate service providers for our Luxembourg and Ireland-domiciled-funds, helping drive efficiencies while simplifying administration and reporting across our business and for our European investors. It supports our objective of maintaining performance by allowing our teams to focus on their portfolios while a best-in-class operational structure works on everything else.”
Clive Bellows, head of Global Fund Services, Europe, Middle East and Africa, Northern Trust, said: “We are delighted to extend our relationship with Polar Capital into Luxembourg and to support the management and distribution of its funds through our investor servicing, reporting and execution solutions. Our global operating model helps drive economies of scale for asset managers and provide a consistent service experience for their teams and investors – regardless of where they or their funds are located.”
Northern Trust’s Global Fund Services business provides services including fund administration, global custody, investment operations outsourcing and data solutions to global investment managers – supporting a range of complex investment strategies across the full spectrum of asset classes.
Note: Source for Polar Capitalassets under management figures: polarcapital.co.uk
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 23 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2022, Northern Trust had assets under custody/administration of US$13.7 trillion, and assets under management of US$1.3 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn. Not all products, services or funds mentioned herein are available in all jurisdictions.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
