will unveil tomorrow the newest addition to its trio of multi-manager funds. The Northern Multi-Manager Large Cap Fund
will bring the number of no-load mutual funds in the Northern Funds umbrella to 37.
According to an
in August, Northern Trust hired Delaware Investments
, Jennison Associates
, Marsico Capital Management
and Metwest Capital
to serve as subadvisors.
The fund, which will invest in companies that are similar in market capitalization as that of firms in the Russell 1000 Index
, sports an expense ratio of 120 basis points.
The fund's rollout "ties in with the industry trend towards open architecture," said Andrew Smith
, chief investment officer of Northern Trust Global Advisors, in an interview with The MFWire
Chicago-based Northern Trust has set the investment minimum for the fund, which will be offered directly to investors and through advisors and other intermediaries, at $2,500.
Northern Trust's other multi-manager funds, launched in June of last year, now have a total of $2.1 billion of assets, Smith said.
Correction: An earlier version of this story incorrectly stated the fund's expense ratio.
Stay ahead of the news ... Sign up for our email alerts now