The William Blair FCP provides a tax-efficient fund vehicle aimed at benefiting non-U.S. based investors.
Northern Trust will provide global custody, fund administration, investor-level tax withholding and management company services for the FCP, a tax-transparent entity established in Luxembourg through which investors may qualify for reduced withholding tax rates on equity dividends. William Blair selected Northern Trust for its expertise in developing and supporting contractual funds that optimize tax transparency and reduce withholding tax drag.
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"The addition of a tax-transparent fund structure to the existing William Blair fund line-up is strategically important, given our success in attracting non-U.S. investors to our investment strategies," said Rick Smirl, Chief Operating Officer of William Blair Investment Management. "The FCP delivers the benefits of U.S. tax treaties to eligible investors and provides them with a tax-efficient fund option. Over time, we expect increasing investor interest in our FCPs, and we believe Northern Trust can support this expansion on a global scale."
"We are delighted to partner with William Blair on this initiative, which supports its growing international client base for asset management," said Steve David, Country Head-Luxembourg for Northern Trust. "Our global operating platform and local market expertise helps asset managers extend their business into new markets. Contractual fund vehicles are a key aspect of a successful global strategy, as tax transparency can help investment managers improve performance, increase investor returns, and increase assets by aggregating tax exempt investors from multiple jurisdictions."
Northern Trust is a pioneer in cross-border asset pooling and was the first to fully support tax-transparent funds, created to pool the assets of investors from multiple jurisdictions with multiple tax rates, investing in multiple jurisdictions. As of March 31, 2013, Northern Trust has 24 clients on its tax transparent, global pooling platform, with more than US$78 billion in assets under custody.
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