Northern Trust has been selected by Wilmington Trust, N.A. to provide custody, fund accounting, fund administration, and transfer agency services for its collective investment trust (CIT) funds.
New York-based Wilmington Trust, a global provider of wealth and institutional services for M&T Bank, selected Northern Trust due to its experience supporting CIT funds.
Wilmington Trust, N.A. has US$90 billion in total balances across funds managed by more than 60 subadvisors.
Northern Trust’s Global Fund Services business provides fund administration, global custody, depositary, investment operations outsourcing, capital markets, and revenue enhancement solutions to global investment managers.
Commenting on the mandate, Rob Barnett, executive vice president and head of intermediary sales at Wilmington Trust, says: “CITs continue to be an increasingly popular investment vehicle to support the long-term investment goals of plan participants for the US retirement plan space.
“Northern Trust’s expertise in both the CIT and pension space — combined with their exceptional client service leveraging flexible and customisable technology — makes for a quality experience that strives to bring CITs into the modern space.”
Ryan Burns, head of global fund services, Americas at Northern Trust, comments: “With our strong history of supporting CIT structures, our tailored approach to service, local and global capabilities, and advanced technology platforms, Northern Trust can help clients streamline their operations and improve efficiency.”
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