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Tuesday, October 16, 2007|
Northern Trust Taps Four Subadvisors for New Fund
Northern Trust 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 SEC filing 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.
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