WAY Fund Managers appoints Northern Trust as depositary and custodian
WAY Fund Managers has appointed Northern Trust as depositary and custodian for more than 60 funds valued at approximately USD1.9 billion.
Under the terms of the agreement, Northern Trust will support two distinct fund ranges: WAY Fund Managers and Fund Partners.
“Following a detailed review of our services we are pleased to appoint Northern Trust as depositary and custodian to a number of our funds,” says Peter Hugh Smith, chief executive officer at WAY Fund Managers Limited. “Northern Trust offers market-leading depositary services, which meet our requirements and this, coupled with their significant experience in global custody, were key factors in the appointment.”
“We are delighted to support WAY Fund Managers with their depositary and custody requirements,” says Laurence Everitt, head of global fund services UK at Northern Trust. “Northern Trust offers a range of capabilities and solutions to investment managers across the globe and has offered depositary services for more than a decade. Through our experience and global expertise we can provide WAY Fund Managers with the required fiduciary expertise and oversight.”
The Alternative Investment Fund Directive (AIFMD) introduces the requirement for managers to appoint a depositary for each AIF it manages. In order to meet the requirement for depositary services Northern Trust recently announced that it had expanded its European depositary services across multiple fund types, asset classes, fund locations and investment strategies. In addition to its established services in Ireland, Luxembourg and the Channel Islands it now offers depositary services in the UK and The Netherlands.
“Regulation continues to have a significant impact on fund managers across the globe,” says Alastair Hay, head of UK depositary services at Northern Trust. “We understand our clients have unique challenges and we are committed to continuing to develop and invest in our depositary services business to support our fund manager clients in complying and taking advantage of the new regulatory environment. We are pleased to be working with WAY Fund Managers as we continue the strong expansion of our UK depositary business.”
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