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Northern Trust wins UK custody mandate
22 May 2014
Accompanies major expansion of European depositary services in response to AIFM directive
Northern Trust has been appointed by WAY Fund Managers to
act as depository and custodian for more than 60 funds valued
at approximately $1.9bn.
Northern Trust will support two distinct fund ranges, WAY
Fund Managers and Fund Partners.
Peter Hugh Smith, CEO at WAY Fund Managers Limited,
said the firm chose the custody bank for its depositary
services in addition to experience in global custody.
This appointment follows Northern Trust’s
recent expansion of its European depositary services in order
to meet Alternative Investment Fund Managers (AIFM) directive
requirements. It now offers depositary services in the United
Kingdom and The Netherlands.
"Regulation continues to have a significant impact on fund
managers across the globe," said Alastair Hay, head of UK
depositary services at Northern Trust.
"We understand our clients have unique challenges and we are
committed to continuing to develop and invest in our depositary
services business to support our fund manager clients in
complying and taking advantage of the new regulatory