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Wednesday, September 23, 2009

Northern Trust Unleashes a Bold New Fund

Reported by Daniel Tovrov

Northern Trust introduced its latest fund Wednesday, a high-yield fund which aims at capitalizing from diversification through investments in a wide-range of market environments. The Northern Multi-Manager High Yield Opportunity Fund, advised by Northern Trust Global Advisors and Northern Trust Investments, employs a strategy that allows it to invest in both domestic and foreign high-yield bonds, as well as emerging markets, bank loans, convertibles, preferreds, mortgages, equities and REITs.

The fund will be chiefly managed by co-managers Andrew Smith, chief investment officer for NTGA, and Jessica Hart, an NTGA portfolio manager. However, as the name shows, Northern's fund implements a multi-manager platform. Complimentary managers will be selected from a range of investment managers who provide a consolidated effort in managing the single fund. NTGA has also contracted Stone Harbor and Loomis Sayles to sub-advise the fund. Stone Harbor has a 60 percent target allocation within the fund, while Loomis Sayles has the other 40 percent. The fund will be distributed by Northern Funds Distributors.

High-yield funds have seen a decrease in popularity recently, with fund companies preferring theoretically safer ETFs instead. Northern does plan on investing in bonds, which have historically lower risk.

"Offering important diversification in investment portfolios, this new Fund seeks to minimize risk while taking advantage of opportunities in high-yield securities as market conditions fluctuate," Jessica Hart stated.

Based in Chicago, Northern Trust was incorporated 120 years ago. The firm currently hold $3.2 trillion in assets under custody of, and has assets under investment management of $558.9 billion. Northern Trust Global Advisors manages $29.3 billion AUM. 

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