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Toby Glaysher, head of Global Fund Services in Europe, Northern Trust

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Northern Trust wins GBP25bn Mandate from Legal & General

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Northern Trust (Nasdaq: NTRS) has been appointed to provide fund accounting and additional custody services to the Legal & General Investments Unit Trust range, to the value of approximately GBP25 billion (approximately USUSD 40 billion). This latest appointment extends Northern Trust’s existing 10 year relationship with Legal & General.

Legal & General, a leading provider of risk, savings and investment management products in the UK, was established in 1836 and currently has over 6.9 million customers for life assurance, pensions, investments and general insurance plans. Legal & General Investments offers a range of unit trusts, including equity, fixed income, index tracking, property, cash and asset allocation funds for professional advisers and wealth managers.

Mike Boardman Chief Operating Officer, Legal & General Investments, says: “We decided to consolidate all our fund accounting and custody with Northern Trust following an extensive review of our options. Our range of Index, Fixed Income, Active Equity and Absolute Return funds make use of modern investment techniques and instruments and we wanted a partner that could not only meet our requirements for accurate and timely fund pricing today but also one that could be expected to meet our needs going forward.”

Toby Glaysher, Head of Global Fund Services for the UK, Ireland and Luxembourg at Northern Trust, says: “We are delighted to extend our existing relationship with Legal & General (Unit Trust Managers) Limited. Particularly in light of the various European regulatory changes, we see an increasing demand from our clients for asset servicing solutions that can support their changing requirements and increasing demands for transparency, which we can deliver.”

Northern Trust’s Global Fund Services business provides custody, fund administration and investment operations outsourcing, and ETF solutions to investment managers across the globe and across the spectrum of asset classes.

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