Fri, Oct 21, 2016
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


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. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. Macro hedge funds up 3.3% in one week on Fed and Brexit pays off[more]

    Komfie Manalo, Opalesque Asia: Hedge funds were boosted by the strong performance of global macro funds, with the Lyxor Global Macro Index gaining 3.3% as of the week ending Oct. 11 (-1.7% YTD), Lyxor Asset Management reported. Their short on the p