Press release
Northern Trust Partners with National Quality Review to Offer Enhanced Mutual Fund Distribution Support
Agreement to significantly reduce the burden of intermediary oversight expectations for mutual fund managers CHICAGO--(BUSINESS WIRE)-- Northern Trust has
About this update from Northern Trust Corporation
[{"type":"text","content":"\nAgreement to significantly reduce the burden of intermediary oversight expectations for mutual fund managers\n\n CHICAGO--(BUSINESS WIRE)--\nNorthern Trust has entered into an agreement with National Quality Review (NQR) to provide U.S. mutual fund managers with access to NQR Intermediary INSIGHT, a service that helps managers support their operational oversight of intermediary firms – entities which facilitate financial transactions between investors and investment products.\n\nUnder the terms of the agreement NQR will provide Northern Trust clients with an independent review of intermediary and audit documentation in accordance with the Financial Intermediary Controls and Compliance Assessment (FICCA) Framework.\n\n“Cost and compliance pressures continue to affect investment management operations, with intermediary oversight a key consideration for mutual fund managers,” said Lisa Shea of Northern Trust Fund Governance Solutions. “As a forward-thinking service provider, we aim to bring deep, specific expertise to the table in the most cost-effective way for our clients. NQR is a best-in-class provider, and together we’re able to provide the combined benefit of NQR and Northern Trust expertise to support mutual fund managers’ oversight programs.”\n\nHaving access to both Northern Trust mutual fund administration services as well as NQR Intermediary INSIGHT in one service offering saves managers’ time and resources that would otherwise be put toward reviewing intermediary audit documents. Managers also benefit from NQR’s direct access to key intermediary documents, cutting down on the time they would spend collecting these from intermediaries. Online dashboards and targeted reporting allows managers to quickly focus on areas requiring attention, and to provide timely and relevant reporting to the chief compliance officer and a fund’s board of directors.\n\n“We launched Intermediary INSIGHT to help fund managers collect and analyze oversight data more efficiently. As a result, they have more time to focus on strategic opportunities and building relationships with their distribution partners,” said Doug Fortin, NQR president and founding partner. “Teaming up with Northern Trust is a terrific opportunity to streamline oversight for many more managers and continue moving the industry forward.”\n\nNorthern Trust’s Global Fund Servi...