Mon, Feb 27, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Northern Trust Appointed by Bridgewater Associates for hedge fund servicing

Tuesday, January 08, 2013
Opalesque Industry Update: Northern Trust announced today it has been appointed by Bridgewater Associates, one of the worlds largest global hedge fund managers, to independently replicate certain middle and back-office services for its approximately $140 billion in assets under management, as part of Bridgewater's ongoing back office transformation plan.

In a role that will create approximately 100 jobs in Chicago and Stamford, Conn., Northern Trust will provide broad middle-office and back-office services including replicating various administrative processing, trade processing, valuation, real-time reporting, cash management, accounting and collateral management services.

These services will be furnished by Northern Trust independently, as well as mirroring and quality checking middle and back-office services provided by another firm. Northern Trust's independent review and validation of results will provide Bridgewater Associates and its investors an enhanced level of oversight and controls with respect to fund administration and middle and back-office functions. The arrangement is planned to go live in 2014.

"We welcome this important strategic relationship with Bridgewater Associates," said Steven L. Fradkin, President of Corporate & Institutional Services at Northern Trust. "As one of the largest and most successful hedge fund managers in the world, with a long-standing commitment to transparency and excellence, Bridgewater Associates understands the value of a trusted global partner that can provide an additional check and validation for their clients. This innovative relationship sets a new standard of independence, which will benefit Bridgewater's clients while reinforcing its leadership in the industry."

"We are delighted to be working with Northern Trust and to draw on their leading-edge technology and expertise for the benefit of our clients," said Eileen Murray, Co-President of Bridgewater Associates. "At a time of unprecedented change and uncertainty for investors, Northern Trust's independent review mandate as part of our ongoing transformation program at Bridgewater is designed to provide an added level of protection and security for our clients."

Since Northern Trust acquired hedge fund administrator Omnium from Citadel in July of 2011, the marketplace has delivered a strong response to the combination of Northern Trust's trusted name and global scale along with industry-leading, technology-driven hedge fund administration services designed to support high volume and highly complex investment strategies.

"This is a transformational relationship creating independent controls and a new level of review and checks by two independent administrators," said Peter Sanchez, Chief Executive Officer of Northern Trust Hedge Fund Services. "As the hedge fund business model evolves, we expect our relationship with Bridgewater will lead the way toward the structure and independent controls that hedge fund investors will demand in the future."

Northern Trust

Press Release

BM

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Legal - Fannie, Freddie shares dive after U.S. appeals court ruling[more]

    From Reuters.com: Shares of Fannie Mae and Freddie Mac tumbled more than 30 percent on Tuesday after a U.S. appeals court shut down efforts by hedge funds and other investors to pursue numerous legal claims accusing the U.S. government of seizing their profits following taxpayer bailouts. By a

  2. Institutional investors plan to raise allocations to alternative assets in 2017[more]

    Komfie Manalo, Opalesque Asia: A survey by Context Summits Miami showed that nearly 72% of institutional investors and family offices plan to raise their allocations to alternative asset managers this year, suggesting continued strong demand for the industry. "As many large, brand name f

  3. Comment - Mortgages, mergers and hedge fund fees, Fairholme's Berkowitz responds to court ruling against hedge fund suits of Fannie Mae[more]

    Mortgages, mergers and hedge fund fees From Bloomberg.com: Yesterday the U.S. Court of Appeals for the D.C. Circuit handed down an odd decision in a lawsuit over the government's nationalization of Fannie Mae and Freddie Mac. The key issue is what's called the "Third Amendment," the 2012

  4. Investing - Hedge funds continue to chase the herd in record Momentum wager, Marshall Wace bets grocer Sainsbury may need rights offering, Hedge fund net exposure has started to retreat, David Tepper's Appaloosa fund makes a huge buy, The 10,000-mile journey to Short Australia, Skeptical hedge fund investors grill Evan Spiegel about Snap's I.P.O.[more]

    Hedge funds continue to chase the herd in record Momentum wager From Bloomberg.com: Hedge funds can't get enough of momentum - even if it means embracing an investing strategy they hate. Loosely defined as betting on shares that went up the fastest over the preceding nine-to-12 months, h

  5. Opalesque Exclusive: Swiss investors take fund seeding and acceleration into their own hands[more]

    Benedicte Gravrand, Opalesque Geneva: Banque Bonhote, a 200-year old Swiss private bank, last year launched a community of investors - heads of Swiss family and advisory offices and wealth managers - with the aim of co-investing in the kind of managers they wanted to invest in, either by way of s