Press release
Polar Capital Appoints Northern Trust to Provide Asset Servicing Solutions to its Melchior Selected Trust
Mandate for Luxembourg-Domiciled Funds Extends Relationship, Drives Efficiencies, Supports European Distribution LONDON--(BUSINESS WIRE)-- Northern Trust
About this update from Northern Trust Corporation
[{"type":"text","content":"\nMandate for Luxembourg-Domiciled Funds Extends Relationship, Drives Efficiencies, Supports European Distribution\n\n LONDON--(BUSINESS WIRE)--\nNorthern Trust (Nasdaq: NTRS) today announced it has been appointed by Polar Capital to provide global custody, depositary, transfer agency, fund accounting and currency management-related services to its Melchior Selected Trust.\n\nHeadquartered in London, Polar Capital is a specialist, investment-led, active fund manager with £19 billion of assets under management (as at 30 June 2022). It currently has 15 autonomous investment teams in the United Kingdom, France, Spain, Germany, Switzerland, the United States (U.S.) and China managing specialist, active and capacity-constrained portfolios.\n\nDomiciled in Luxembourg, Polar Capital’s Melchior Selected Trust was launched in 2010 and comprises the Melchior Absolute Return Fund, European Opportunities Fund and Global Equity Fund. All are structured under a Société d'Investissement à Capital Variable (SICAV), fund umbrella, with assets under management collectively of £812 million (as of 31 August 2022)\n\nNorthern Trust has provided asset servicing solutions to Polar Capital since the company’s formation in 2001. These include fund administration and global custody services for its Ireland-domiciled Undertakings for the Collective Investment in Transferable Securities (UCITS) fund range and two funds domiciled in the U.S.\n\nGavin Rochussen, chief executive officer at Polar Capital, comments: “Appointing Northern Trust to support the Melchior Selected Trust Funds allows us to consolidate service providers for our Luxembourg and Ireland-domiciled-funds, helping drive efficiencies while simplifying administration and reporting across our business and for our European investors. It supports our objective of maintaining performance by allowing our teams to focus on their portfolios while a best-in-class operational structure works on everything else.”\n\nClive Bellows, head of Global Fund Services, Europe, Middle East and Africa, Northern Trust, said: “We are delighted to extend our relationship with Polar Capital into Luxembourg and to support the management and distribution of its funds through our investor servicing, reporting and execution solutions. Our global operating model helps drive economies of scale for asset managers and provide...