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"Northern Trust was recognized for the strength of its service offering and for demonstrating business momentum and product innovation during a challenging period for the hedge fund industry," said Lucy Guest, senior publishing executive for HFMWeek.
Northern Trust has a growing hedge fund servicing business, with assets under administration of US$75.5 billion as of June 30, 2009, an increase of 54 percent over the prior year. Northern Trust services nearly 300 hedge funds worldwide as of June 2009, and in the previous 12 months had provided global operations services to more than 120 new fund launches and transitions.
"Investment managers are facing increased pressure to effectively manage costs while providing greater returns for investors," said Peter Cherecwich, Chief Operating Officer for Corporate and Institutional Services at Northern Trust. "Northern Trust is delivering the scale and infrastructure required to support higher volumes and expanded trading strategies, including experienced staff with specialized expertise in alternative asset classes."
Northern Trust implemented its Hedge Fund Monitor solution in 2008, a major step forward in managing information for fund of hedge funds and other institutional investors with exposure to hedge funds. The solution, expanded to institutional investors in 2009, provides managers with a broad range of vital fund data to increase the efficiency of trading, valuation and operational processes.
"We're delighted to be recognized as best overall administrator as it validates our approach of blending innovative technology, strong process and automation with the exceptional service standards that set Northern Trust apart from our competitors," said Matt Ward, Head of Fund Administration-North America for Northern Trust. "Ultimately this is a service business and our experienced and attentive people are the real strength of our offering."
The winners of the 2009 U.S. Service Provider Awards are announced in the Oct. 27 edition of HFMWeek. Northern Trust was also awarded the Fund of Hedge Funds Administrator of the Year award during HFMWeek's inaugural European Service Provider Awards in May.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS | Quote | Chart | News | PowerRating) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2009, Northern Trust had assets under custody of US$3.6 trillion, and assets under investment management of US$611 billion. For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.
SOURCE Northern Trust Corporation
http://www.northerntrust.com
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