UK - Northern Trust says it has entered the UK fund accounting, to complement its European Global Fund Services business.
“Our European GFS custody business has witnessed spectacular growth in recent years and is the fastest growing part of our institutional business,” said Toby Glaysher, head of European GFS strategy. “Our entry in to the market at this time represents a progressive evolution.”
He added: “We will look to capitalise on the synergies that naturally exist between the custody and fund accounting businesses.”
Northern Trust said it has hired Gary Hewitt, formerly of the Bank of New York and Sarah Noone of Smith and Williamson. The bank will use SunGard’s Invest One accounting system.