Northern Trust to use EUI investment fund service
Northern Trust has partnered with Euroclear UK & Ireland to improve its processing capabilities for investment funds transactions in the UK.
Using the EUI investment fund service, Northern Trust will further automate its administration processing for the UK funds industry, offering automated unit settlement capabilities in addition to its existing automated settlement capabilities for equity and bond transactions.
“As the settlement landscape continues to evolve, Northern Trust is focused on ensuring we can offer the most efficient and accurate processing available,” said Justin Chapman, global head of industry management at Northern Trust.
“Whilst greater automation is a continuing issue across the funds industry, utilising Euroclear’s fund processing solution, Northern Trust is well positioned at the forefront of this change.”
Euroclear UK & Ireland’s solution was developed in partnership with 40 fund organisations. It delivers automation throughout fund processing, from the placing of a funds order, to the settlement, transfer, reconciliation and includes the processing of any applicable corporate events.
“Our automated fund services allow our clients to better manage cash and fund unit positions throughout the business day," said Katrina Sartorius, head of product management at Euroclear UK & Ireland.
"Northern Trust joins a select band of leading custodians in moving away from the prohibitively high rates of cost and risk associated with manual fund administration.”
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