OREANDA-NEWS. April 16, 2015. Northern Trust (Nasdaq: NTRS) has enhanced its processing capabilities for investment fund transactions in the UK, improving accuracy and increasing efficiency, in cooperation with the UK’s central securities depository Euroclear UK & Ireland (EUI). 

Using the EUI investment fund service, Northern Trust can now offer automated unit settlement capabilities across the funds market, in addition to its existing automated settlement capabilities for equity and bond transactions. 

“As the settlement landscape continues to evolve, Northern Trust is focused on ensuring we can offer the most efficient and accurate processing available,” said Justin Chapman, Global Head of Industry Management at Northern Trust. “Whilst greater automation is a continuing issue across the funds industry, utilising Euroclear’s fund processing solution, Northern Trust is well positioned at the forefront of this change.” 

Katrina Sartorius, Head of Product Management at Euroclear UK & Ireland, commented: “Our automated fund services allow our clients to better manage cash and fund unit positions throughout the business day. Northern Trust joins a select band of leading custodians in moving away from the prohibitively high rates of cost and risk associated with manual fund administration. We applaud Northern Trust’s continued pursuit of ever increasing levels of service excellence towards its clients – which today took another step forward by leveraging our integrated, electronic order routing and settlement infrastructure.” 

Developed in partnership with approximately 40 fund organisations, Euroclear UK & Ireland’s automated fund processing solution delivers end-to-end automation from the placing of a funds order, to the settlement, transfer, reconciliation and includes the processing of any applicable corporate events, making a fund held in the UK as easy to administer as any other EUI-eligible instrument.

About Euroclear UK & Ireland

Euroclear UK & Ireland is the central securities depository (CSD) of the United Kingdom, Jersey, Guernsey and the Isle of Man for all domestic securities, and of Ireland for equities. It provides advanced, low-cost settlement facilities for a wide range of investment funds, corporate and government securities, and equities including those traded on the London Stock Exchange and Irish Stock Exchange.

Euroclear UK & Ireland’s investment funds service uses the CREST system for the settlement, reconciliation, transfer and corporate action events processing of mutual funds held in the UK and Ireland. It provides fund managers and platforms/distributors alike the ability to centrally manage their mutual funds holdings, giving real time balance information; the status of current, historical and future settlement transactions; the ability to transfer holdings between platforms/distributors using matched instructions; and to receive the out-turn of corporate action events.

Euroclear UK & Ireland is part of the Euroclear group, The Euroclear group also includes Euroclear Bank - which is rated AA+ by Fitch Ratings and AA by Standard & Poor’s - as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland and Euroclear Sweden. The Euroclear group settled the equivalent of EUR 634 trillion in securities transactions in 2014, representing 182 million domestic and cross-border transactions, and held almost EUR 26 trillion in assets for clients.

www.euroclear.com

About Northern Trust 

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of asset servicing, fund administration, asset management, fiduciary, and banking solutions for corporations, institutions, families, and individuals worldwide. Chicago-based Northern Trust has offices in 19 states, Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2014, Northern Trust had assets under custody of US\\$6 trillion, and assets under investment management of US\\$934.1 billion. For 125 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com and follow us on Twitter @NorthernTrust.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures