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Northern Trust outsources Hermes Fund Managers investment operations

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Northern Trust has migrated the investment operations for Hermes Fund Managers, a multi-boutique asset manager offering investment solutions to institutional clients, 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 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 the UK’s largest pension scheme, the BT Pension Scheme.

"We are delighted with the success of this project and the remarkably smooth transition of our investment operations to Northern Trust," says John Mould, chief operating officer at Hermes. "We recognise 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."

"This is another significant step in the development of our middle office outsourcing business and platform. Our commitment to servicing all clients through a single, global operating model enables economies of scale and focused innovation, allowing Northern Trust to serve as a strategic extension of our clients’ business," adds Toby Glaysher, head of Northern Trust’s global fund services business for the UK. "We are proud to have completed this significant project to further strengthen our relationship with Hermes, which could not have been achieved without both teams’ commitment, expertise and partnership approach."

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