Northern Trust has been selected by Azimut (DIFC) Limited to provide asset servicing and portfolio reporting for its Dubai International Financial Centre (DIFC) funds in the Middle East.
As custodian for its DIFC fund range, Northern Trust will deliver portfolio reporting and local servicing in its client’s time zone directly from the United Arab Emirates.
Azimut (DIFC) Limited is part of the Azimut Group, an independent asset manager with €54.5 billion of assets under management (as of 31 May 2020), based in Italy.
Michael Slater, head of Middle East and Africa at Northern Trust, commented: “Azimut is a prominent European asset manager requiring a Middle East asset servicing solution. The combination of Northern Trust’s technology, local presence and ability to provide global custody in over a hundred countries supports Azimut’s strategic growth objectives by delivering servicing and solutions in its working week and time zone.”
Giorgio Medda, global head of Asset Management and Azimut Group co-CEO, added: “As we continue to grow our investment solutions offering for our clients in the Middle East, we are committed to providing them with efficient and best-of-class services. Northern Trust’s multi-asset class expertise, technology platform and sound financial standing offer us a solid and secure base for our ambitious expansion plans.”
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