Northern Trust has launched its alternative fund services business in North America in a bid to fulfil operational and strategic requirements of the growing alternative asset management industry.

The new unit, dubbed North America Alternative Fund Services, is part of Northern Trust’s corporate and institutional services arm.

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The new business will offer fund administration, accounting and data solutions to hedge funds, private equity managers as well as managed account platforms.

Furthermore, it will assist in complex valuations, cash, collateral, and liquidity management.

The new division will be led by Northern Trust Hedge Fund Services head Peter Sanchez.

“Bringing private equity and hedge fund services together leverages Northern Trust’s strong footprint in both sectors and enables us to deliver increasingly innovative solutions for this dynamic market. As a strategic operations partner, Alternative Fund Services can provide the technology platform, transparency tools and domain expertise to help asset managers thrive in a changing marketplace,” Sanchez said.

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Northern Trust corporate and institutional services president Pete Cherecwich said: “Investment managers face new operational challenges as they move across asset classes to more complex portfolio construction approaches – incorporating private equity, real estate, infrastructure as well as hedging strategies in the search for yield.

“Under Peter’s proven leadership, our North America Alternative Fund Services group provides a sophisticated technology platform, operational expertise and service model that delivers unrivalled support to the most innovative asset managers and their clients.”

Established in 1889, Northern Trust focuses on providing wealth management, asset management and banking services to corporations, institutions and individuals.