Northern Trust has announced an almost 30 percent increase in assets under administration (AuA) for Common Investment Fund (CIF) clients in the UK over the past year.
Contributing to the growth are a series of key appointments which included CIFs such as Veolia ($1.3bn), TUI Travel ($600mn) as well as the extension of an existing mandate for the States of Jersey ($2.3bn).
“CIFs are popular among clients with more sophisticated investment structures, but with very individual unitisation and accounting requirements,” said Penelope Biggs, head of the Institutional Investor Group for EMEA. “At Northern Trust we have developed a market leading unitisation product, which integrates comprehensive accounting with performance analytics through a single global platform. This innovative solution, coupled with our extensive experience in supporting complex asset pooling structures for a variety client types, including pensions funds, sovereign wealth funds, and fund managers means we are well placed to cater to CIFs’ unique requirements.”
CIFs are a type of unregulated pooled investment fund set up specifically for charities and pension funds in the UK. By pooling the assets of its underlying participants, a CIF can provide access to a broad range of asset classes, such as equities, bonds, derivatives, property, private equity and hedge funds in a tax efficient and economical structure.
Northern Trust offers a range of services to CIF clients, acting as master record keeper and in some instances performing accounting for assets held external to the CIF, supporting the individual needs of the underlying participants.
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