Northern Trust has outsourced the investment operations for Hermes Fund Managers, a multi-boutique asset manager offering investment solutions to institutional clients globally, to the Northern Trust platform.
With the migration complete, Northern Trust provides a range of back- and middle-office services for portfolios. Northern Trust provides post-trade operations, fund administration and custody to Hermes, as well as management of over-the-counter property derivatives activities including daily independent valuations for complex IPD (Investment Property Databank) swaps.
During the transition, begun in June 2008, Northern Trust has supported the launch of Hermes’ range of Irish domiciled funds, providing trustee, custody, fund accounting and transfer agency services. The appointment of Northern Trust also included the provision of custody services for BT Pension Scheme.
John Mould, COO at Hermes, said: “We are delighted with the success of this project and the remarkably smooth transition of our investment operations to Northern Trust. We recognize outsourcing as the best option to meet our business needs in a timely way and it has the potential to support our future growth. Northern Trust understands our business and delivers solutions that meet our unique requirements.”