CHICAGO–(BUSINESS WIRE)–Northern Trust (Nasdaq: NTRS) has been selected by Wilmington Trust, NA to provide custodial, fund accounting, fund administration, fund-of-funds administration and transfer agency services for collective investment trust (CIT) funds with approximately $90 billion in total balances as of April 28, 2022.
Wilmington Trust, a leader in the CIT market and one of the world’s leading providers of wealth management and institutional services to M&T Bank (NYSE: MTB), chose Northern Trust because of its extensive experience supporting funds of CIT and its focused customer service. The agreement provides Wilmington Trust with a competitive advantage by implementing the customized solutions, deep expertise and innovative technologies provided by the Northern Trust team.
“CITs continue to be an increasingly popular investment vehicle to support plan participants’ long-term investment goals for the U.S. retirement plan space. Wilmington Trust needed a provider of services with a deep understanding of this vehicle, the commitment and expertise to meet the unique needs of service plan participants, and the operational strength and technology to support the complexity of a diverse group of service strategies. investment,” said Rob Barnett, Director, Vice President and Head of Middle Sales at Wilmington Trust. “Northern Trust’s expertise in CITs and pensions – combined with its exceptional customer service leveraging flexible and customizable technology – delivers a quality experience that strives to bring CITs into the modern space.”
Wilmington Trust maintains exclusive relationships with several leading global custodians, enabling it to be a more efficient and reliable trustee for under-advised funds.
Northern Trust’s Global Fund Services business provides fund administration, global custodial, custodian, investment operations outsourcing, capital markets and income enhancement solutions to global investment managers , supporting a wide range of complex investment strategies across all asset classes.
“We are excited about the opportunity to offer our customized solutions and innovative technology to help Wilmington Trust continue to grow,” said Ryan Burns, Northern Trust’s Head of Global Fund Services, Americas. “With our long history of supporting CIT structures, our personalized approach to service, our local and global capabilities, and our advanced technology platforms, Northern Trust can help clients streamline operations and improve efficiency.”
Wilmington Trust, NA is a leader in the CIT market with $90 billion in total balances in funds managed by over 60 sub-advisors and available on over 50 trading platforms as of April 28, 2022.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to businesses, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 US states and Washington, DC, and 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2022, Northern Trust had assets under custody/administration of US$15.5 trillion and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has distinguished itself as an industry leader for its exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 USA, incorporated with limited liability in the USA Please read our global and regulatory information.
About Wilmington Trust
Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation, including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, NA (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC) and Wilmington Trust Investment Management, LLC (WTIM). These services include trustee, custody, agency, investment management and other services. International corporate and institutional services are offered through international subsidiaries of M&T Bank Corporation. Personal and business loans, credit cards, deposits, and other business and personal banking services and products are offered by M&T Bank, Member FDIC.
This is for informational purposes only and is not intended to be an offer, recommendation or solicitation for the sale of any financial profit or service or to determine that any investment strategy is suitable for any specific investor. Investors should seek financial advice regarding the suitability of any investment strategy for their objectives, financial situation and particular needs. Investing involves risk and you can make a profit or a loss. There can be no assurance that any investment strategy will be successful. Wilmington Trust is not authorized to and does not provide legal, accounting or tax advice.