Magellan Asset Management appoints Northern Trust as custodian
14 February 2013
News, Australia, Global
By Asia Asset Management
Northern Trust has been appointed by Australia-based investment manager Magellan Asset Management to act as global custodian to its Australian management investment schemes, Magellan Global Fund and Magellan Infrastructure Fund, which had combined assets under management of approximately US$2.5 billion as of December 31, 2012.
In addition, Northern Trust will be providing a full suite of custody and fund administration services to support a planned UCITS fund that Magellan expects to launch in Ireland in March 2013. Magellan Asset Management has total assets under management of approximately $6.7 billion.
Nerida Campbell, Magellans chief operating officer, said: "Our decision to appoint Northern Trust was made after a detailed review that confirmed Northern Trusts capabilities in respect to the range of services we require to support our globally invested Australian funds. Our relationship with Northern Trust will support Magellans business growth and success both in Australia and overseas."
"Northern Trust offers a full range of capabilities and solutions to investment managers globally and is delighted to welcome Magellan as a significant new client in Australia," said Rohan Singh, managing director for Northern Trust Australia. "Magellan recognised the sharp client focus we bring to relationships, the ability to offer the services they need today as well as a sustainable platform for growth as adding value to their growing business. Magellan gained additional comfort from knowing that Northern Trust already supports Australian clients who have both domestic and offshore funds in Ireland thus offering a tried and tested model. We look forward to a long and rewarding relationship together."
As of December 31, 2012, Northern Trust had assets under custody of $4.8 trillion, and assets under investment management of $758.9 billion.
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