Specialist fund manager Polar Capital has appointed Northern Trust to be the global provider for its Melchior Selected Trust, domiciled in Luxembourg.
Northern Trust has been the asset servicing provider for Polar Capital since the company’s inception in 2001, and will now be responsible for the global custody, depositary, transfer agency, fund accounting and currency management-related services of the Melchior Selected Trust.
The trust was launched in Luxembourg in 2010, and is made up of the Melchior Absolute Return Fund, European Opportunities Fund and Global Equity Fund. As of 31 August 2022, the fund has £812 million AuM.
Gavin Rochussen, CEO at Polar Capital, says: “Appointing Northern Trust to support the Melchior Selected Trust Funds allows us to consolidate service providers for our Luxembourg and Ireland-domiciled-funds, helping drive efficiencies while simplifying administration and reporting across our business and for our European investors. It supports our objective of maintaining performance by allowing our teams to focus on their portfolios while a best-in-class operational structure works on everything else.”
Clive bellows, head of global fund services for EMEA at Northern Trust, adds: “Our global operating model helps drive economies of scale for asset managers and provide a consistent service experience for their teams and investors – regardless of where they or their funds are located.”
