Pendal Group, an Australian investment manager with around $104.4bn funds under management (FuM), has expanded its existing partnership with Northern Trust.
Under the expanded partnership, Northern Trust will provide range of asset services to the Pendal across Australia, UK, and Ireland.
This includes fund accounting, global custody, financial and regulatory reporting, and foreign exchange and middle-office services and collateral management.
Additionally, the firm also increased the number of existing services it performs for Pendal’s business in the US.
The partnership also covers Pendal’s wholly owned subsidiary JO Hambro Capital Management (JOHCM) in North America and Europe and its Australian business.
Northern Trust has offered fund administration, regulatory administration, global custody and transfer agency services to JOHCM since the launch of its mutual fund offering in the US in 2009.
Pendal CEO Nicholas Good said: “Northern Trust have delivered high quality service to our US business for over a decade now. They have a clear partnership approach and a service focus that is distinct from their peers.
“We conducted an extensive RFP and due diligence process and, following this, are pleased to continue growing our partnership with Northern Trust’s asset servicing business. Their expansive service offering will allow us to consolidate the number of providers we have across the business, thereby simplifying our operating platform and standardizing a number of our key processes.”
Northern Trust Corporate & Institutional Services president Pete Cherecwich added: “We are delighted to see the expansion of our partnership globally with Pendal to include their Australia, UK and Ireland operations. This mandate underscores the value of our global operating model and focus on supporting our clients across the globe in whichever markets they operate.”