Appointment underlines commitment to charities, foundations and endowments sector
Northern Trust (Nasdaq: NTRS) announced today that it has been appointed by The Nesta Trust to provide custody and related services for GB£345 million (approximately US$550 million) in charity assets. This latest mandate underpins Northern Trust's focus on the charities, foundations and endowments sectors and adds to previously announced mandates such as the GB£710 million (US$1.2 billion) Health Foundation, and the GB£881 (US$1.4 billion) National Trust.
The Nesta Trust is an independent charity with a mission to help people and organisations bring great ideas to life by providing investments and grants and mobilising research, networks and skills. The Nesta Trust inherited the assets of the former National Endowment for Science, Technology and the Arts on 1 April 2012.
"As a newly created charity we were looking for a custodian that could demonstrate a strong track record in providing solutions for charities, foundations and endowments and understood our distinct challenges," said Matt Mead, chief investment and financial officer at Nesta. "In particular we were looking for an asset servicing provider that could support our investments in a broad mixture of asset classes and provide leading broker dealer and transition management services."
"Northern Trust demonstrated an unswerving commitment to understanding our unique needs and tailoring a proposition to support them, and we are delighted to appoint them to work with us as we continue to grow and improve the innovation capacity of the UK," Mead added.
"We are acutely aware of the unique challenges faced by charities – particularly as they look to adapt to changing regulatory requirements and meet their funding objectives," said Douglas Gee, head of sales for Northern Trust's Institutional Investor Group. "Through our experience servicing charities, foundations and endowments we have aligned our asset servicing and asset management expertise to best effect to support their requirements and navigate these complexities.
As of March 31, 2012, Northern Trust has assets under custody of US$4.6 trillion across all sectors, including institutions, such as pension funds, charities and foundations, insurance companies, sovereign wealth funds and families worldwide, and private investors worldwide. It currently provides custody and fund administration services to approximately 300 charities, foundations and endowments around the world.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2012, Northern Trust had assets under custody of US$4.6 trillion, and assets under investment management of US$716.5 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.
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