WAY Fund Managers, a UK-based financial services firm, has appointed Northern Trust as depositary and custodian for over 60 funds valued at nearly US$1.9 billion.
Under this partnership, Northern Trust will manage two fund ranges of the UK fund manager – WAY Fund Managers and Fund Partners.
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WAY Fund Managers CEO Peter Hugh Smith said that the company has appointed Northern Trust as depositary and custodian for its number of funds after a detailed review of its services.
"Northern Trust offers market-leading depositary services, which meet our requirements and this, coupled with their significant experience in global custody, were key factors in the appointment," added Smith.
Following its business establishment in Ireland, Luxembourg and the Channel Islands, Northern Trust has expanded the depositary services in the UK and the Netherlands. Further, it has enhanced its European depositary services to cater across multiple fund types, asset classes, fund locations and investment strategies.
Northern Trust Global Fund Services UK head Laurence Everitt said: "Northern Trust offers a range of capabilities and solutions to investment managers across the globe and has offered depositary services for more than a decade. Through our experience and global expertise we can provide WAY Fund Managers with the required fiduciary expertise and oversight."
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By GlobalDataNorthern Trust head of UK depositary services Alastair Hay said: "We are pleased to be working with WAY Fund Managers as we continue the strong expansion of our UK depositary business."
