Northern Trust is to provide a full suite of investment operations outsourcing services to Woodford Investment Management.
The services will include depositary services, client reporting, fund accounting and transfer agency for its assets under management, including the Woodford’s new equity income fund.
Toby Glaysher, head of Nothern Trust’s global fund services business in Europe, Middle East and Africa, said: “We are delighted to support the launch of Woodford’s new equity fund and design a complete framework that supports their objectives for the highest quality investor servicing.”
“We understand our fund managers are looking for solutions that enable them to get to market quickly and effectively and with minimal in-house operational capability, enabling them to focus on the business of managing their clients’ money.”
This latest appointment for Northern Trust comes after it announced in late 2013 an extension of its depositary services capabilities across multiple fund types, asset classes, fund locations and investment strategies to support increasing demand in regulatory compliance.
Craig Newman, chief executive of Woodford, said: “Northern Trust has been a critical enabler of our successful launch and is a highly-valued supporter of our business.”
“It not only worked closely with us to provide a complete solution for our middle- and back-office requirements, but it also provided valuable support for our fund distribution capabilities, including our relationship with dealing platforms.”
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