Northern Trust expands buy-side users for FX currency management operations
The new client wins signify a growing acceptance among asset managers to use custodians for a range of front-office services.
Northern Trust has seen significant uptake of its FX currency management services after expanding multiple asset servicing mandates with buy-side clients over the past year.
The Chicago-based custodian has onboarded the likes of European asset managers Blackwall Capital Investment, Kieger and TT International Asset Management, while also expanding its existing mandate with The Asset Management Exchange (AMX) and Rockefeller Asset Management.
The mandates build on several new client wins for Northern Trust in recent months, which included a middle-office and outsourced FX dealing mandate with US hedge fund Strategic Global Advisors, and a front- and middle-office outsourcing deal with asset manager Westwood Holdings Group.