AJ Bell has reassigned the operational backbone of its in-house fund range, appointing Northern Trust and Carne Group to take over key post-trade and governance roles. According a Northern Trust press release, the financial services company is now responsible for custody, depositary and fund administration, while Carne becomes Authorised Corporate Director for the nine multi-asset funds.
The range, aimed at UK retail investors with varying risk profiles, holds about £5 billion in assets under management. The transition of servicing duties to the two providers has recently been completed.
Northern Trust points to its position as the UK’s largest provider of custody, depositary and fund accounting by number of funds, citing the Monterey Insight UK Fund Report 2024. Carne describes the appointment as part of its continued expansion in the UK across both assets under management and staffing.
Adding scale and flexibility
For AJ Bell, the change is presented as a move to add scale and flexibility to its fund operations. The company says the incoming providers bring experience and infrastructure suited to its plans for further growth.
AJ Bell, founded in Manchester in 1995, reports £103.3 billion in platform assets under administration. The £5 billion fund range now overseen by Northern Trust and Carne sits within its broader line-up of investment solutions for pensions, ISAs and general accounts.
