Fundsmith chooses Northern Trust for fund solutions

Fundsmith has appointed Chicago-headquartered Northern Trust to provide fund administration, depositary, global custody and associated services to support its Smithson Investment Trust.

The UK-listed fund raised £833 million (€940 million) when it was floated in October last year, according to the Financial Times.

Its launch, supported by Northern Trust, “surpassed its founders’ initial expectations”, the US financial services firm said. Shares available upon launch were raised in order to meet investor demand.

The American firm was chosen to provide asset servicing solutions for Smithson Investment Trust because of its “global capabilities”, according to Simon Godwin, chief financial officer at Fundsmith, which has more than £22 billion in assets under management.

“Outsourcing trading activities across our funds to a trusted and expert provider supports Fundsmith’s focus on delivering first-class investment analysis, portfolio management and customer care,” he said.

This outsourcing will allow Fundsmith to “free-up capital and resources, while allowing them to exercise high levels of oversight and governance,” said Guy Gibson, Northern Trust Capital Market’s global head of institutional brokerage.

“By delivering global trade execution, matching, and compliance reporting through integrated trading solutions, Northern Trust is actively supporting our client’s commitment to delivering value and cost-efficiencies for investors,” he said.

©2019 funds europe

HAVE YOU READ?

THOUGHT LEADERSHIP

The tension between urgency and inaction will continue to influence sustainability discussions in 2024, as reflected in the trends report from S&P Global.
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

CLOUD DATA PLATFORMS

Luxembourg is one of the world’s premiere centres for cross-border distribution of investment funds. Read our special regional coverage, coinciding with the annual ALFI European Asset Management Conference.
READ MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST