Driehaus Capital Management has turned to fellow Chicagoan Northern Trust as its new custodian. JPMorgan Fund Services was the previous provider, John Merritt, manager of market and product development at Driehaus, told The MFWire.

Under the contract, Northern Trust will provide global custody and related services to the Driehaus Mutual Funds and The Richard H. Driehaus Foundation. The contract takes effect October 15.

Driehaus has seven mutual funds in its lineup.

"Cost-effective global custody services, exceptional straight-through processing and efficient trade settlement provided by Northern Trust will allow us to continue focusing on our clients and generating competitive investment results," said Driehaus president and CEO Robert Gordon in a news release on Wednesday.

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Company Press Release

CHICAGO, Oct. 7 /PRNewswire-FirstCall/ -- Northern Trust has been appointed by Driehaus Capital Management LLC to provide global custody and related services to Driehaus entities including the Driehaus Mutual Funds and The Richard H. Driehaus Foundation.

"Northern Trust's proven strength in global technology and tight service model for U.S. mutual funds will support our investment strategies in developed, emerging and frontier markets," said Robert H. Gordon, President and Chief Executive Officer of Driehaus Capital Management. "Cost-effective global custody services, exceptional straight-through processing and efficient trade settlement provided by Northern Trust will allow us to continue focusing on our clients and generating competitive investment results."

The Northern Trust Global Fund Services (GFS) group has been servicing investment manager and fund company clients for more than 30 years, and has experience supporting a wide range of straightforward and complex investment strategies. Globally, GFS services more than 430 investment managers encompassing approximately 4,000 funds. The group, within the Corporate & Institutional Services unit, provides a comprehensive array of integrated solutions including investment operations outsourcing, accounting, administration, performance analysis, transfer agency and global custody, as well as banking and cash management solutions.

"We are excited to work with a dynamic, innovative manager like Driehaus, which specializes in both domestic and international growth-style equity investing," said Peter Cherecwich, Chief Operating Officer for Corporate and Institutional Services at Northern Trust. "Northern Trust's dedication to the ongoing development of back- and middle-office servicing capabilities will help investment managers like Driehaus maximize operational effectiveness."

About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2009, Northern Trust had assets under custody of US$3.2 trillion, and assets under investment management of US$558.9 billion. For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.

 

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