Reclaim Fund Ltd, established under the Dormant Bank and Building Society Accounts Act 2008, makes available for good causes money which has been lying dormant in bank and building society accounts for 15 years or more. Since beginning operations in March 2011, Reclaim Fund Ltd has transferred GB£98 million of the money it has received from banks and building societies to Big Lottery Fund for reinvestment in the community.
"As a not-for profit organisation, authorised by the Financial Conduct Authority, we have very specific reporting requirements," said Adrian Smith, managing director at Reclaim Fund Ltd. "Northern Trust devised a customised risk reporting solution to help us meet these requirements and support us through the evolving regulatory landscape. This bespoke solution combined with its longstanding financial strength made Northern Trust the right partner for us."
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"We are delighted to extend our specialist not-for-profit asset servicing solutions to Reclaim Fund Ltd," said Madeleine Senior, head of business development for Northern Trust in Europe, Middle East and Africa. "Traditionally, we have seen demand from not-for-profit organisations to safeguard their assets. Now as they begin to diversify their investments into alternatives, they face increasing challenges around the costs and complexities within this asset category. Precipitated by the continuously changing regulatory environment, Northern Trust leverages its specialist Investment Risk and Analytical services group to help our clients meet their unique reporting requirements."
This latest appointment further underpins Northern Trust’s commitment to supporting not-for-profit organisations and follows a GB£345 million mandate from The Nesta Trust announced in May 2012 as well as other not-for-profit mandates announced previously, including the GB£710 million (US$1.2 billion) Health Foundation, and the GB£881 (US$1.4 billion) National Trust.
As of December 31, 2012, Northern Trust has assets under custody of US$4.8 trillion across all sectors, including institutions, such as pension funds, charities and foundations, insurance companies, sovereign wealth funds and families worldwide, and private investors worldwide. It currently provides custody and fund administration services to approximately 300 charities, foundations and endowments around the world.
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