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Rating:Beacon Hill Teams with Northern Trust to Create a Series Trust Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, December 13, 2011

Beacon Hill Teams with Northern Trust to Create a Series Trust

Reported by Armie Margaret Lee

Beacon Hill Fund Services has linked up with Northern Trust to launch a series trust called Advisers Investment Trust.

The first investment adviser to sign on is London-headquartered Independent Franchise Partners LLP, which is launching the IFP Equity Fund. [SEC filing]

Beacon Hill provides CCO, CFO and distribution services, and manages the day-to-day business and governance activities of the series trust and the independent board. For its part, Northern Trust handles back-office work such as transfer agency and shareholder services, fund accounting, financial administration and custody.

"We are starting to see increased demand from existing and prospective clients [for a series trust]," said Paul Fahey, head of the global fund services product group at Northern Trust, in an interview.

Beacon Hill Fund Services president Scott Englehart said the aim is to have six to eight advisers in the series trust.

"The goal is to give them more attention and better service levels," Englehart told The MFWire.com.

Target clients are institutional managers in the U.S. and overseas that have AUM between $5 billion to $20 billion, a strategy with top quartile peformance, and do not yet offer mutual funds in the U.S., Englehart said.

"We've identified 60 to 70 advisers that meet the criteria," he said.
Company Press Release

Northern Trust Expands U.S. Registered Mutual Fund Service Offering

Will provide back office services to Advisers Investment Trust Series Trust

CHICAGO-- Northern Trust announced today it will provide back office services to the recently launched Advisers Investment Trust, a series trust sponsored by Beacon Hill Fund Services. The Advisers Investment Trust gives advisers and investment managers an alternative that allows for the distribution of their investment strategy as a '40 Act Mutual Fund.

"Northern Trust continues to invest in the U.S. Registered Mutual Fund business and seek ways to leverage our expertise in back office services to offer a complete range of solutions to investment managers, commented Barb Nelligan, Product Manager, U.S. registered funds at Northern Trust. "The Advisers Investment Trust vehicle allows us to provide a consistent back office experience and superior client service for our funds clients combined with Beacon Hill's business management and governance experience."

A "Series Trust" or "Umbrella Trust," as it is commonly known as in the United States, is a registered investment company (RIC) filed with the SEC under the 40 Act and 33 Act. This structure enables multiple unaffiliated registered investment advisers to co-exist in the same RIC and independently manage their respective mutual fund portfolios within the same legal entity which is commonly structured in the form of a business trust or corporation.

Northern Trust will perform back office operations such as transfer agency and shareholder services, fund accounting, financial administration and custody in support of the Advisers Investment Trust. Beacon Hill acts as the sponsor, distributor, chief compliance officer, chief financial officer and other fund officer positions, and manages the day-to-day business and governance activities of AIT and the independent board.

"Northern Trust and Beacon Hill have an established connection today serving several joint Registered Mutual Fund clients," said Scott Englehart, President of Advisers Investment Trust. "The services that Northern Trust will provide to the series trust are a natural extension of this existing connection which offers another solution for investment manager clients and prospects to cost effectively enter the mutual fund business."

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS - News) 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 September 30, 2011, Northern Trust had assets under custody of US$4.2 trillion, and assets under investment management of US$644.2 billion. For more than 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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