Northern Trust wins new asset servicing mandate 01 December 2020Ireland Reporter: Maddie Saghir
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Northern Trust has been selected as asset servicing provider by Sands Capital Management, a long-term investor in leading innovative businesses globally.
As part of this mandate, Northern Trust will provide fund administration, transfer agency, depositary and global custody services to Sand Capital’s Ireland-domiciled UCITS umbrella fund.
Sands Capital’s UCITS umbrella fund, Sands Capital Funds currently operates four sub-funds delivering equity investment strategies focused on global, US and emerging markets.
The appointment sees Sands Capital consolidate provision of all asset servicing functions for Sands Capital Funds to Northern Trust.
Dana McNamara, chief administrative officer at Sands Capital, said: “We are consolidating service provision to streamline our operating model and create efficiencies across our fund operations.”
McNamara continued: “In Northern Trust, Sands Capital has appointed an asset servicing partner with the scale, experience and technology to support the significant growth of our funds and help us continue to deliver a premium-level service to our investors as we grow.”
Clive Bellows, head of global fund services, Europe, Middle East and Africa at Northern Trust, commented: “Across our business, we are working with forward-looking clients such as Sands Capital to optimise their operating models, maximise technology use and enhance the scalability of their fund operations.”
“Our global reach and comprehensive set of solutions means Northern Trust is well-placed to help Sands Capital reach new investors and execute its strategic plans,” Bellows added.
This appointment builds on Northern Trust’s existing relationship with Sands Capital, which includes providing asset servicing solutions for its unregistered funds domiciled in the US.
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