Northern Trust (NTRS) strengthens relationship with Pendal

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Northern Trust NTRS has expanded its relationship with Pendal Group Limited and will now offer a wide range of asset services to the latter in the UK, Ireland and Australia. NTRS has also strengthened the range of services it will perform for the global investment manager’s business in the United States.

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Pendal manages $ 104.4 billion in funds under management (as of September 30, 2021) around the world. Pendal’s appointment of Northern Trust covers its wholly owned subsidiary JO Hambro Capital Management in North America, Europe and Australia.

Northern Trust has facilitated fund administration, regulatory administration, global custody and transfer agency services at JO Hambro Capital Management since 2009. These services will now be further expanded to include global custody, fund accounting , financial and regulatory reports, management of guarantees and foreign exchange transactions. and middle-office services in all of Pendal’s activities.

Pete Cherecwich, President of Business and Institutional Services at Northern Trust, said: “We are delighted to see our partnership with Pendal expanding globally to include their operations in Australia, UK and Australia. Ireland. This mandate underscores the value of our global operating model and focus on supporting our clients around the world, regardless of the markets in which they operate. “

Northern Trust derives most of its income from non-interest income which consists primarily of trust, investment and other service fees. In addition, with a greater volume of transactions and fees for services rendered, its financial statements will likely experience a favorable impact in the quarters to come.

In addition, Northern Trust has always focused on developing and increasing recurring sources of fee-based income to stand out in a fiercely competitive industry. This transaction with Pendal therefore seems promising to better position Northern Trust in the asset-service sector.

The stock has gained 28.6% in the past year compared to industry43.1% growth.

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The stock currently carries a Zacks Rank # 3 (Hold). You can see The full list of Zacks # 1 Rank (Strong Buy) stocks today here.

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