Northern Trust announced today it was selected by Reliance Trust, an FIS company, to provide global custody, fund administration and fund accounting services for collective investment trust (CIT) funds, expanding a key relationship in its growing CIT fund services business.
We are excited to build on our relationship with Reliance Trust, said Dan Houlihan, Head of Asset Servicing, Americas at Northern Trust. Our platform is structured to offer fund managers an end-to-end solution that combines Reliance Trusts expertise and scale as a trustee with Northern Trusts global operations technology, financial strength and decades of experience supporting CITs and other fund structures.
CITs continue to grow in popularity as a fund structure for tax-exempt U.S. retirement plans and other qualified investors. Because CITs are not sold directly to retail investors, they are subject to different regulatory oversight and typically have a lower cost structure than mutual funds.
Under the agreement, Northern Trust provides services for 21 Reliance funds with approximately $7.7 billion in assets under advisement. Northern Trusts CIT business grew by approximately 41 percent in assets under administration during the 12 months ending June 30, 2018.
Northern Trusts Global Fund Services unit provides fund administration, global custody, and investment operations outsourcing solutions to more than 650 asset managers across the globe. It supports diverse fund structures across multiple domiciles and jurisdictions and has expertise in traditional and alternative investment vehicles.
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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 offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2018, Northern Trust had assets under custody/administration of US$10.7 trillion, and assets under management of US$1.1 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
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/disclosures.