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As part of its overall strategy for growing and developing its alternative fund administration business, Northern Trust (Nasdaq: NTRS | Quote | Chart | News | PowerRating) is strengthening its real estate fund administration capabilities with a new specialist technology platform that will form the foundation of its world class service to real estate fund managers around the globe.
"Real estate managers and their investors need access to accurate, timely and transparent information across the spectrum of their real estate portfolio," said Sascha Calisan, real estate fund administration product manager at Northern Trust.
"Growing complexity of structures and investment techniques, combined with increasing focus on governance and risk controls, requires flexibility that only a bespoke solution can deliver. Northern Trust has made a strategic investment in technology that will enable us to better meet our clients' needs and those of their dynamic investor base."
The system, which will be rolled out in Europe initially and ultimately to clients located across the globe, will be fully integrated into Northern Trust's online client portal, Passport, enabling clients to access their cash positions, net asset values and all of the reporting information that they require. In addition, it will be linked seamlessly to other Northern Trust services such as banking, transfer agency, over-the-counter (OTC) derivative processing, foreign exchange and, potentially, other services that may add value to Northern Trust's real estate clients
"Following consultation with a number of real estate fund managers, it was clear there was an opportunity for a single fund administrator, such as Northern Trust, who could provide a comprehensive and consistent service to real estate managers, across multiple jurisdictions," said Peter Cherecwich, Chief Operating Officer for Corporate and Institutional Services at Northern Trust.
"We have sought out a strategic market-leading solution that will give us the flexibility to tailor solutions for our clients that continue to meet the growing complexity of the real estate funds industry - whether that is supporting the processing of high volume cash flows from a large property portfolio with multiple tenants, or symmetrical processing of inter-company transactions," Cherecwich said.
The system has been bought under license from Intuit Real Estate Solutions, a leading provider of property, asset and investment management software for real estate organisations around the world.
Benefits of the new platform for Northern Trust include being able to offer robust, customised, cutting-edge fund administration capabilities across all the markets in which it operates real estate fund administration business. The platform will also optimise linkages between the investor, administrator, banker, fund manager, and property manager, through a single solution.
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.
Northern Trust operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority.
Northern Trust in Hong Kong is a securities company regulated by the Securities and Futures Commission.
Northern Trust in Singapore is a foreign wholesale bank regulated by the Monetary Authority of Singapore.
Northern Trust operates in China as a Representative Office and is regulated by the China Banking Regulatory Commission.
Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, Northern Trust Fiduciary Company (Guernsey) Limited and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission.
Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission.
Northern Trust Global Services is authorised and regulated in the Netherlands by De Nederlandsche Bank.
Northern Trust Global Services Limited Luxembourg Branch is authorised and regulated by the Financial Services Authority and in Luxembourg by the Commission de Surveillance du Secteur Financier (CSSF) and Northern Trust Luxembourg Management Company S.A. is regulated by the CSSF.
Northern Trust Global Services Limited - Abu Dhabi. Representative Office, Licence number 13/238/2008.
Where Northern Trust's UK entities undertake regulated business, they are authorised and regulated in the United Kingdom by the Financial Services Authority.
Northern Trust International Fund Administration Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Financial Regulator.
The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorized trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation.
Northern Trust Global Services Ltd (UK) Sweden Filial is a BCD Passported branch of Northern Trust Global Services Ltd a firm authorised and regulated in the UK by the Financial Services Authority ('FSA').
EMEA Contact, Sara Murshed, +44-(0)-207-982-2249, sm136@ntrs.com, Camilla Greene, +44-(0)-20-7982-2176, cg81@ntrs.com, North America & Asia-Pacific Contacts, John O'Connell, +1-312-444-2388, jo45@ntrs.com, Kathleen Fitzgerald, +1-312-444-3094, kdf2@ntrs.com, all of Northern Trust Corporation
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