TwentyFour Asset Management, an independent fixed-income specialist based in London, has selected Northern Trust to provide specialist administration for asset-backed securities fund domiciled in Guernsey.
Under the agreement, Northern Trust will provide TwentyFour Asset Management, which has GBP1.7 billion in assets under management custody, with fund accounting, financial reporting, compliance and company secretarial services.
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An asset backed security is one that derives its value and income payments from and collateralized by a specified pool of underlying assets, typically unable to be sold individually.
"Northern Trust were willing to work closely with us to understand our unique requirements," said Nick Knight-Evans, partner and COO at TwentyFour Asset Management. "Their experience in supporting other kinds of complex fund structures as well as their integrated range of asset servicing solutions, were key factors in their appointment."
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