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Northern Trust Completes Outsourcing of Hermes Fund Managers Investment Operations

^{Published on 2010-07-01 01:20:37 - Market Wire}
 

LONDON--([ BUSINESS WIRE ])--Northern Trust (Nasdaq: NTRS) announced today it has successfully migrated the investment operations for Hermes Fund Managers, a leading multi-boutique asset manager offering investment solutions to institutional clients globally, to the Northern Trust platform.

"We are proud to have completed this significant project to further strengthen our relationship with Hermes, which could not have been achieved without both teamsa™ commitment, expertise and partnership approach."

With the migration complete, Northern Trust provides a range of back- and middle-office services for portfolios. Northern Trust provides post-trade operations, fund administration and custody to Hermes, as well as management of over-the-counter property derivatives activities including daily independent valuations for complex IPD (Investment Property Databank) swaps.

During the transition, begun in June 2008, Northern Trust has supported the launch of Hermesa™ range of Irish domiciled funds, providing trustee, custody, fund accounting and transfer agency services. The appointment of Northern Trust also included the provision of custody services for the UKa™s largest pension scheme, the BT Pension Scheme.

aWe are delighted with the success of this project and the remarkably smooth transition of our investment operations to Northern Trust,a said John Mould, Chief Operating Officer at Hermes.

aWe recognise outsourcing as the best option to meet our business needs in a timely way and it has the potential to support our future growth. Northern Trust understands our business and delivers solutions that meet our unique requirements.a

Northern Trust provides full and component investment operations outsourcing services to asset managers across the globe. Northern Trust provides a single global operating model for all outsourcing clients and is able to implement each conversion directly onto that strategic platform.

aThis is another significant step in the development of our middle office outsourcing business and platform. Our commitment to servicing all clients through a single, global operating model enables economies of scale and focused innovation, allowing Northern Trust to serve as a strategic extensionof our clientsa™ business,a said Toby Glaysher, head of Northern Trusta™s Global Fund Services Business for the UK. aWe are proud to have completed this significant project to further strengthen our relationship with Hermes, which could not have been achieved without both teamsa™ commitment, expertise and partnership approach.a

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 March 31, 2010, Northern Trust had assets under custody of US$3.7 trillion, and assets under investment management of US$647.3 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 ].

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A, incorporated with limited liability in the U.S.

The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Global Services Limited (reg. no. 04795756) are authorised and regulated by the Financial Services Authority.

The material within and any linked material accessed via this communication is directed to eligible counterparties and professional clients only and should not be distributed to or relied upon by retail investors. For Asia Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.

• Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, Northern Trust Fiduciary Company (Guernsey) Limited and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission.
• Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission.
• Northern Trust International Fund Administration Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Financial Regulator.
• Northern Trust Global Services Limited has a Netherlands Branch which is authorised and regulated in the Netherlands by De Nederlandsche Bank.
• Northern Trust Global Services Limited has a Luxembourg Branch which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF).
• Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF).
• Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office, Licence number 13/238/2008 which is authorised and regulated by the Central Bank of the United Arab Emirates.
• The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorized trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation.
• The Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI)and is regulated by the Australian Prudential Regulation Authority.
• The Northern Trust Company of Hong Kong Limited is a securities company regulated by the Securities and Futures Commission.
• The Northern Trust Company has a Singapore Branch which is a foreign wholesale bank regulated by the Monetary Authority of Singapore.
• The Northern Trust Company operates in China as a Representative Office and is regulated by the China Banking Regulatory Commission.
• Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency.
• Northern Trust Global Services Ltd (UK) Sweden Filial is Authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen.

IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. For more information about this notice, see [ http://www.northerntrust.com/circular230 ].

Hermes Fund Managers

Hermes is a multi-boutique asset manager comprising a series of specialist investment partnerships with a truly long-term and responsible approach to delivering investment returns. We offer our clients the best combination of specialist investment teams and products along with a robust operating platform from which to operate.

Ourinvestment solutionsrange from alternative assets, including commodities; fund of hedge funds; 'clean tech' focused private equity; and real estate, through to specialist equity strategies in Emerging Markets; Global Equities; Small Cap equities; Europe andJapan, as well asexpertise in bonds, covering inflation-linked, investment grade and high yieldmandates. Hermes invests assets on behalf of around 180 clients* across these product areas and has 26.8bn* under management. Additionally, we help pension funds meet the highest standards of responsible long term ownership through our innovative Equity Ownership Service, which has over 60 billion* of assets under stewardship.

Hermes is the advisor and principle investment manager for the BT Pension Scheme (BTPS) and BTPS is also the 100% owner of Hermes. This unique relationship gives us a long-term parent whose requirement for investment excellence is perfectly aligned with that of all of our other clients and provides a privileged insight which informs our product development.

* As at 31 March 2010