Northern Trust wins hedge fund mandate

Northern Trust wins hedge fund mandate

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Northern Trust Hedge Fund Services has won a mandate from CarVal Investors to provide middle office and fund administration for its global portfolios.

Northern Trust will provide the alternative investment fund manager with a unified operations and technology platform to support investment teams and strategies on four continents worldwide.

This is the first time that CarVal has appointed an external fund administrator.

Under the agreement, Northern Trust will provide services including trade capture and lifecycle processing, profit and loss reporting, collateral management, fund accounting, and financial reporting for more than 75 investment structures. The fund administrator will also provide investor accounting and investor servicing for more than 130 institutional investors within CarVal.

"As CarVal continues to grow its global franchise, this relationship allows us to scale our operations while controlling costs and maintaining focus on our value investment discipline," said Peter Vorbrich, chief financial officer of CarVal Investors.

Vorbrich said Northern Trust was chosen for its commitment to client service and integrity as well as its operational expertise.

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