Northern Trust has been appointed by the Health Foundation to provide custody and related services for GBP710 million (approximately USD1.1 billion) in charity assets. This latest mandate builds on previous charity client wins and is in line with Northern Trust’s historical focus on charities, foundations and endowments.
“We chose Northern Trust following a rigorous competitive tender because of its long track record in the asset servicing business and its specialism in serving the charities sector,” says Daniel Thorndyke of the Health Foundation. “Northern Trust demonstrated its understanding of our requirements, in particular a focus on accurate accounting, valuations and reporting for the sophisticated assets in which we are invested and provided us with reassurance of their expertise in the landscape in which we operate. We are confident that Northern Trust will provide the Foundation with the critical asset servicing solutions necessary to enable us to focus on improving the quality of healthcare in the United Kingdom.”
“We understand that charities have a distinct set of challenges and our deep understanding of the sector, together with our aligned asset servicing expertise, was integral to winning this client,” says Douglas Gee of Northern Trust. “Providing granular investment data and meaningful reporting – especially so in the more complex arena of alternative assets – is a critical aspect to the role of a global custodian today, and an area in which Northern Trust continues to excel.”
This latest win follows Northern Trust’s appointment by the National Trust in 2010.
Northern Trust provides solutions to approximately 300 charities, foundations and endowments around the world. Northern Trust itself has a strong corporate philanthropy program and strives to give approximately 1.5% of its pre-tax profits to charities every year. In 2010, Northern Trust contributed USD14.2 million to non-profit organisations globally.
The Health Foundation is an independent charity working to continuously improve the quality of healthcare in the United Kingdom. Visit www.health.org.uk for further information.
