Platinum appoints Northern Trust for $11bn mandate
Platinum Asset Management has appointed Northern Trust to provide asset servicing solutions for their $11 billion Australian funds.
Under the new mandate, Northern Trust will provide custody, fund administration, regulatory reporting, investment operations outsourcing (IOO), ETF administration and collateral management.
Platinum said it opted to use Northern Trust for its “consultative approach”.
Andrew Stannard, finance director at Platinum, said: “When we decided to switch to a new asset servicing provider, many factors came into play. Northern Trust’s consultative approach stood out from the start. We also felt a strong cultural fit between our organisations and we are excited to embark on this new journey with Northern Trust.”
Leon Stavrou, country head of Australia for Northern Trust, said: “As Platinum sought a more comprehensive and scalable solution, we recognised our ‘front-to-back’ approach made us uniquely qualified to meet their needs.
“Our client-centric approach and holistic product set positions us well to help Platinum as they focus on increasing operational efficiencies. We look forward to the opportunity to partner with them as they grow into the future.”
This is one of a series of changes Platinum has made to its business in recent months, following a two-part growth and reset strategy enacted by chief executive Jeff Peters to improve performance and revenue at the business after a difficult period.
The first strand of the turnaround consists of reorganising the investment platform away from the same people doing research and portfolio management. This involves separating the research and portfolio management roles, increasing research resources for its flagship International Fund and lead portfolio managers appointed to each fund.
Next is a product line review with several vehicles closed to remove complexity and cost, and two listed investment companies merging with active ETFs. Third is greater communication with clients and advisers to understand their needs.
At the end of 2024, Northern Trust signed a mandate with First Sentier Investors to expand its administration service into Australia and the UK.
First Sentier, which has $226 billion in assets under management, will utilise Northern Trust for its front-to-back solutions to use on its public market fund business in Australia, the UK, Ireland and Singapore.
This will include custody, depositary/trustee services, fund accounting, share-class hedging, transfer agency, and regulatory reporting services.
AUTHOR
Laura Dew
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