Northern Trust has entered into an agreement with Distributor Due Diligence (3D) to support its asset manager clients with key elements of how they oversee the distribution of their funds to investors.
Under the agreement, Northern Trust will make 3D’s platform service, Network Monitor, available to clients to help them discharge their regulatory responsibilities for performing due diligence of their distributor networks.
3D’s platform and distributor coverage will allow clients to automate key aspects of distributor due diligence questionnaire processes.
Clive Bellows, head of global fund services — Europe, Middle East and Africa, Northern Trust, says: “This solution deploys technology to help our clients reduce manual administration while evidencing the measures they have taken to meet required standards of due diligence.”
According to Bellows, as regulators show heightened focus on asset managers’ control of cross-border distribution, Network Monitor helps drive efficiencies in how they can fulfil their responsibilities.
Steve Bennett, co-founder of 3D, comments: “We are excited to be working with Northern Trust on Network Monitor. With our 3D platform, Northern Trust’s clients can evidence oversight and accountability for meeting their regulatory obligations, including those of the second Markets in Financial Instruments Directive (MiFID II) and AMLD 4 at the European level, and also the growing national regulatory requirements in major fund centres such as the UK, Ireland and Luxembourg.”
