Northern Trust has been appointed by Premier Asset Management to provide custody, transfer agency and fund accounting services to its latest range of OEIC (open ended investment company) funds, valued at US$1.4 billion (GB£906 million). This latest appointment adds to an existing US$1.6 billion (GB£980 billion) custody and fund administration mandate held by Northern Trust for a number of years.
Premier, a privately owned, dynamic and progressive asset management company with US$4 billion (GB£2.5 billion) in assets under management, designs and distributes innovative investments predominantly through financial advisors. Premier appointed Northern Trust following a comprehensive review of its existing operating model and in line with a requirement to consolidate its arrangements across the different fund ranges.
“We were looking for a provider who could support our ambitious growth plans,” said Mark Friend, Managing Director, Operations at Premier. “Northern Trust is able to provide Premier with a high level of automation, the ability to outsource more functionality and in doing so eliminate duplicated processes. This has resulted in significant cost savings and removed the potential barriers for future expansion associated with our old model.”
“We are delighted to continue to build on our relationship with Premier and look forward to supporting them as they continue to expand,” said Toby Glaysher, head of Global Fund Services for Ireland, Luxembourg and the UK at Northern Trust – the part of the business which provides services to fund managers.
