GLOBAL - Northern Trust is closing its London-based manager-of-managers (MoM) research team and transferring the duties to its Stamford research team in the US.
The London MoM division has been in existence for several years, as part of the wider operation created in 1979, and had been expected to see a major push from May 2007, as part of a wider consulting operation by Northern Trust Global Advisers to take on investment managers and consultants as advisers to pension funds.
However, a spokeswoman for Northern Trust said the MoM long-only research team is being trimmed back in a bid to "streamline operations and improve efficiencies".
It is understood "a couple of people" from NT's multi-manager client sales and service teams will continue to exist in London to support what the firm describes as "an important component of our solutions globally".
In contrast, Northern Trust is moving the portfolio management of several of its quants accounts to the team in London-based operation by June - thereby relinquishing the role of its New York division.
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