Northern Trust wins middle office mandate from UK insurer
Northern Trust has been appointed by Rothesay Life to provide middle office services for a portfolio of over £20bn in assets under management.
UK-based Rothesay insures around 400,000 people and invests across transportation, infrastructure, housing and utilities.
Complex requirements imposed on insurers by Solvency II – an EU directive concerning the amount of capital insurance firms must hold – have resulted in firms beefing up their technology and middle office capabilities.
In finance terms, the middle office often refers to jobs in risk and compliance. Functions also include cost control and IT.
Northern Trust’s platform supports all asset classes and investment strategies and offers data management and reporting technology.
“We are very pleased to be appointed by Rothesay Life,” said Peter Sanchez, head of middle and back office asset servicing for alternative managers at Northern Trust.
“Sophisticated investors such as Rothesay Life require the capability to carry out intraday trading and expect very close management of their assets on a day-to-day basis.
"As their asset servicer and middle office partner, our technology can facilitate and support them from trade capture to cash, collateral management and treasury management.”
Found this useful?
Take a complimentary trial of the FOW Marketing Intelligence Platform – the comprehensive source of news and analysis across the buy- and sell- side.
Gain access to:
- A single source of in-depth news, insight and analysis across Asset Management, Securities Finance, Custody, Fund Services and Derivatives
- Our interactive database, optimized to enable you to summarise data and build graphs outlining market activity
- Exclusive whitepapers, supplements and industry analysis curated and published by Futures & Options World
- Breaking news, daily and weekly alerts on the markets most relevant to you