Northern Trust, a provider of wealth management, asset servicing, asset management and banking services, has selected Clearstream to manage the third-party fund processing of their investment fund activities.
Northern Trust said that the decision was mainly motivated by Clearstream’s one-stop shop Vestima solution for the processing of third party funds.
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Vestima is a commercial settlement system (CSS) that provides full automation across order placement, DVP settlement and asset servicing.
Under the partnership, this fund processing is supported from the Vestima platform as the servicing of customers’ fixed income, equities and warrants, thereby ensuring a streamlined process for all asset classes.
The collaboration will allow Northern Trust to increase volumes on Clearstream’s Vestima platform.
The global fund services unit of Northern Trust offers custody, fund administration and investment operations outsourcing solutions to investment managers across the spectrum of asset classes globally.
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By GlobalDataNorthern Trust head of global fund services business in Europe, Middle East and Africa Toby Glaysher said: "The decision to outsource our mutual fund safekeeping and trade execution will result in greater efficiencies for both Northern Trust and our clients."
Clearstream Banking head of investment fund services and Co-CEO Philippe Seyll said: "We are delighted that Northern Trust has chosen Clearstream to provide order routing, DVP settlement and custody for their investments into third-party funds.
"Our expanded hedge fund custody services following the acquisition of Citco Global Security Services (CGSS) in Cork as well as our increased mutual fund execution capabilities triggered this new relationship. We welcome Northern Trust to our ever-growing community of Global Custodian clients."
