Northern Trust has been appointed by Moorstone, L.P. to provide middle-office and fund administration services, according to a Northern Trust press release.
The services will be delivered via the Omnium platform and include middle-office support, treasury and collateral management, as well as financial and regulatory reporting. Moorstone is an independent investment advisor focused on the global commodity supply chain.
Supporting a new operating model
The mandate comes as Moorstone establishes itself as an independent firm and builds out its operational setup.
“It was mission critical to select a strategic provider that understood the asset class [and] could manage operational complexity with ease,” says Timothy Schmidt, chief operating officer at Moorstone, in the statement.
Commodities focus
Northern Trust links the mandate to its experience in energy and commodity-related strategies.
According to John Kushner, head of relationship management at Northern Trust Hedge Fund Services, the appointment “reflects our continued momentum in supporting commodities-focused investment strategies”.
The arrangement places core post-trade processes, including collateral and reporting, with an external provider as Moorstone develops its platform, according to the press release.
