Northern Trust builds US mutual fund service 16 December 2011Chicago Reporter: Ben Wilkie
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Northern Trust will provide back office services to the recently launched Advisers Investment Trust, a series trust sponsored by Beacon Hill Fund Services.
The Advisers Investment Trust gives advisers and investment managers an alternative that allows for the distribution of their investment strategy as a '40 Act Mutual Fund.
"Northern Trust continues to invest in the US Registered Mutual Fund business and seek ways to leverage our expertise in back office services to offer a complete range of solutions to investment managers," commented Barb Nelligan, product manager, US registered funds at Northern Trust.
"The Advisers Investment Trust vehicle allows us to provide a consistent back office experience and superior client service for our funds clients combined with Beacon Hill’s business management and governance experience."
A 'Series Trust' or 'Umbrella Trust,' as it is commonly known as in the United States, is a registered investment company (RIC) filed with the SEC under the 40 Act and 33 Act. This structure enables multiple unaffiliated registered investment advisers to co-exist in the same RIC and independently manage their respective mutual fund portfolios within the same legal entity, which is commonly structured in the form of a business trust or corporation.
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Northern Trust will perform back office operations such as transfer agency and shareholder services, fund accounting, financial administration and custody in support of the Advisers Investment Trust. Beacon Hill acts as the sponsor, distributor, chief compliance officer, chief financial officer and other fund officer positions, and manages the day-to-day business and governance activities of AIT and the independent board.
"Northern Trust and Beacon Hill have an established connection today serving several joint Registered Mutual Fund clients," said Scott Englehart, president of Advisers Investment Trust. "The services that Northern Trust will provide to the series trust are a natural extension of this existing connection which offers another solution for investment manager clients and prospects to cost effectively enter the mutual fund business."
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