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Peter Cherecwich, head of Global Fund Services at Northern Trust.

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RCM selects Northern Trust for investment operations outsourcing

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Northern Trust has entered into an investment operations outsourcing agreement with global asset manager RCM, a company of Allianz Global Investors.

 

Under the agreement, Northern Trust will provide middle office services for RCM investment teams in three regions — Asia-Pacific, Europe and North America — on Northern Trust’s global operations platform.

"This innovative agreement supports RCM’s strategy as a truly global asset management firm, operating on multiple continents across six time zones to offer a range of investment solutions," says Peter Cherecwich (pictured), head of Global Fund Services at Northern Trust. "We worked closely with RCM to understand their business priorities, and demonstrated our capability to deliver middle office services efficiently and consistently by leveraging our global technology architecture and operations expertise in markets around the world."

Services to be provided under the outsourcing agreement, approved in July 2011, include post-trade execution support, trade processing and settlement, data management, reconciliations, portfolio accounting, client valuations and administration for teams based in Hong Kong, London and San Francisco. Northern Trust’s outsourcing services will also support RCM sales and relationship teams in Singapore, Taiwan, Tokyo and Frankfurt.

As part of the agreement, members of RCM’s operations staff in Hong Kong will join Northern Trust, where they will continue to support RCM as well as other clients that have recently selected Northern Trust to provide Investment Operations Outsourcing services. The additions significantly strengthen Northern Trust’s presence in Hong Kong and increase its asset servicing capabilities in the Asia-Pacific region.

"We selected Northern Trust to leverage the strength of its global operating model, which provides RCM with a platform for strategic growth while we continue to focus on investment excellence," says Michael Hooper, Executive Chairman UK, Chairman of RCM Global Operations Group. "Northern Trust’s commitment to Hong Kong was also an important factor. We believe this agreement will strengthen our regional trading while providing a true ‘pass the book’ capability to support our global operations. We look forward to working with Northern Trust as RCM continues to grow in markets across the world."

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