Press release
Northern Trust Selected by Wilmington Trust to Support Market-Leading Collective Investment Trust (CIT) Platform
CHICAGO--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) has been selected by Wilmington Trust, N.A. to provide custody, fund accounting, fund
About this update from Northern Trust Corporation
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nNorthern Trust (Nasdaq: NTRS) has been selected by Wilmington Trust, N.A. to provide custody, fund accounting, fund administration, fund-of-fund administration, and transfer agency services for Collective Investment Trust (CIT) funds with approximately $90 billion in total balances as of April 28, 2022.\n\nWilmington Trust, a leader in the CIT market and a global premier provider of wealth and institutional services for M&T Bank (NYSE: MTB), selected Northern Trust due to its extensive experience supporting CIT funds and focused client service. The agreement offers Wilmington Trust a competitive edge by implementing the customized solutions, deep expertise, and innovative technologies provided by the Northern Trust team.\n\n“CITs continue to be an increasingly popular investment vehicle to support the long-term investment goals of plan participants for the U.S. retirement plan space. Wilmington Trust needed a service provider with a deep understanding of this vehicle, the commitment and expertise to service plan participants’ unique needs, and the operational strength and technology to support the complexity of a diverse group of investment strategies,” said Rob Barnett, Executive Vice President and head of intermediary sales at Wilmington Trust. “Northern Trust’s expertise in both the CIT and pension space -- combined with their exceptional client service leveraging flexible and customizable technology -- makes for a quality experience that strives to bring CITs into the modern space.”\n\nWilmington Trust maintains exclusive relationships with multiple top-tier global custodians, allowing it to be a more efficient, reliable trustee to sub-advised funds.\n\nNorthern Trust’s Global Fund Services business provides fund administration, global custody, depositary, investment operations outsourcing, capital markets, and revenue enhancement solutions to global investment managers – supporting an extensive range of complex investment strategies across the full spectrum of asset classes.\n\n“We are excited about the opportunity to offer our custom solutions and innovative technology to help Wilmington Trust achieve continued growth,” said Ryan Burns, Northern Trust’s head of Global Fund Services, Americas. “With our strong history of supporting CIT structures, our tailored approach to service, local and glob...