Valverde Investment Partners Appoints Northern Trust to Provide Asset Servicing Solutions for its VCC Fund

Rhea-AI Summary

Northern Trust (Nasdaq: NTRS) has been appointed by Valverde Investment Partners Pte to provide custody, fund administration, foreign exchange, and cash management services for its new Variable Capital Company (VCC) fund and its sub-fund, ASEAN+ Fund (VAPF). Valverde is a newly established independent investment management firm in Singapore, focusing on ASEAN equities. The VCC and VAPF aim for long-term absolute returns through investments in publicly traded ASEAN companies. Northern Trust's appointment underscores its position as a premier provider of custody and fund services in Singapore. Valverde's CEO, John Foo, highlighted Northern Trust's global expertise and client-focused approach as key factors in this partnership.

Positive

• Northern Trust secured a new client, Valverde Investment Partners, for multiple asset servicing solutions.
• The appointment strengthens Northern Trust's market position in Singapore as a premier provider of custody and fund services.
• Valverde's VCC fund, along with the ASEAN+ Fund, aims for long-term absolute returns, potentially increasing the volume of assets managed by Northern Trust.

Negative

• Potential operational complexities and risks associated with managing a newly formed VCC fund and sub-fund could pose challenges.

SINGAPORE--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) today announced that it has been appointed by Valverde Investment Partners Pte Ltd. (Valverde) to provide custody, fund administration, foreign exchange and cash management services for its newly formed Variable Capital Company (VCC) fund, along with its sub-fund, ASEAN+ Fund (VAPF).

Valverde is a newly established, Singapore-based, independent investment management firm specializing in ASEAN equities. The VCC launch and its sub-fund, Valverde ASEAN+ Fund (VAPF), represent Valverde’s goal of achieving long-term absolute returns, primarily composed of public traded equities within ASEAN companies.

“We have seen VCC funds continue to grow in popularity since the scheme was first launched in 2020, and we are delighted to work with Valverde as they embark on their first VCC,” said Yen Leng Ong, Country Executive, Southeast Asia, Northern Trust. “This appointment helps underline our position as a premier provider of custody and fund services to asset managers in Singapore.”

“Launching a VCC fund comes with inherent complexities, and we were seeking a partner that could help us manage these from both a custodial and fund administration perspective,” said John Foo, Founder and CEO at Valverde. “We were especially impressed by Northern Trust’s global expertise and focus on clients such as ourselves, which aligns with our dedication to providing top-tier investment solutions and client service to our investors.”

Northern Trust’s Global Fund Services business provides services including fund administration, depositary, 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. In Singapore, it includes servicing of VCC fund structures launched as standalone Singapore funds or umbrella structures with Singapore domiciled sub-funds.

Northern Trust has offices across Asia Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Singapore, Sydney and Tokyo. It has strong relationships with some of the region’s largest asset managers, central banks, sovereign wealth funds, government agencies and corporations.

About Valverde Investment Partners

Valverde is a partner-owned investment management firm specializing in ASEAN equities. Led by a seasoned and dedicated investment team, Valverde is committed to delivering optimal execution outcomes for investors across the 6 ASEAN markets, supported by in-house trading capabilities. As of 1 July 2024, our team comprises of 11 members with coverage spanning Singapore, Ho Chi Minh, Bangkok, Kuala Lumpur and Jakarta.

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 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2024, Northern Trust had assets under custody/administration of US$16.5 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. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240701505597/en/

Europe, Middle East, Africa & Asia-Pacific:

Camilla Greene

+44 (0) 20 7982 2176

Camilla_Greene@ntrs.com

Simon Ansell

+ 44 (0) 20 7982 1016

sa777@ntrs.com

US & Canada:

John O’Connell

+1 312 444 2388

John_O’Connell@ntrs.com

http://www.northerntrust.com

Source: Northern Trust Corporation

FAQ

What is the recent partnership between Northern Trust and Valverde Investment Partners?

Northern Trust has been appointed by Valverde Investment Partners to provide custody, fund administration, foreign exchange, and cash management services for their new VCC fund and its sub-fund, ASEAN+ Fund.

What services will Northern Trust provide to Valverde Investment Partners' VCC fund?

Northern Trust will offer custody, fund administration, foreign exchange, and cash management services.

What is the focus of Valverde Investment Partners' new VCC fund?

The VCC fund and its sub-fund, ASEAN+ Fund, focus on achieving long-term absolute returns through investments in publicly traded equities within ASEAN companies.

Why did Valverde Investment Partners choose Northern Trust for their VCC fund?

Valverde's CEO, John Foo, mentioned Northern Trust's global expertise and client-focused approach as key reasons for the partnership.

What does the partnership mean for Northern Trust's market position?

The partnership with Valverde Investment Partners enhances Northern Trust's market position as a premier provider of custody and fund services in Singapore.