British investment manager Fundsmith is letting Northern Trust provide the fund administration and global custody services for UK-listed Smithson Investment Trust, which raised a record £822 million at its launch last October.
Recent news, noted by Global Custodian, reveals that Northern Trust was on the train already at October’s launch of the Smithson trust.
Corporates – but not the biggest
It says the Smithson Investment Trust invests in companies with a market capitalisation between £500 million and £15 billion.
Fundsmith will also use Northern Trust’s so called Integrated Trading Solution, for outsourced trading services and integrated middle- and back-office services.
“By delivering global trade execution, matching, and compliance reporting through Integrated Trading Solutions, Northern Trust is actively supporting our client’s commitment to delivering value and cost-efficiencies for investors,” says Guy Gibson, global head of institutional brokerage at Northern Trust Capital Markets, all according to the article.