Northern Trust has been appointed by William Blair & Company, a global financial services firm with $50 billion of assets under management, to support its Luxembourg-domiciled Fonds Commun de Placement (FCP).
The William Blair FCP provides a tax-efficient fund vehicle aimed at benefiting non-US based investors.
Northern Trust will provide global custody, fund administration, investor-level tax withholding and management company services for the FCP, a tax-transparent entity established in Luxembourg through which investors may qualify for reduced withholding tax rates on equity dividends.
The company said it chose William Blair selected Northern Trust for its expertise in developing and supporting contractual funds that optimise tax transparency and reduce withholding tax drag.
"The addition of a tax-transparent fund structure to the existing William Blair fund line-up is strategically important, given our success in attracting non-US investors to our investment strategies,” said Rick Smirl, chief operating officer of William Blair Investment Management.
“The FCP delivers the benefits of US tax treaties to eligible investors and provides them with a tax-efficient fund option. Over time, we expect increasing investor interest in our FCPs, and we believe Northern Trust can support this expansion on a global scale.”
