Northern Trust Corp. of Chicago announced it is providing middle-office services to its first hedge fund client, Julius Baer Investment Management LLC of New York.
Northern Trust's hedge fund middle-office services, an extension of its investment operations outsourcing business, include its Web trade-processing services, available to traditional asset managers as an outsourcing component.
For Julius Baer it is providing hedge fund administration services along with middle- and back-office support.
Northern Trust's middle-office services for hedge funds are designed to facilitate trade communications between the investment manager's front office, prime brokers, trade-matching utilities for over-the-counter and exchange-traded securities, and third-party administrators.
(Middle-office hedge fund services generally include automated trade matching, derivatives processing, reconciliations, and connections to prime brokers.)
Northern Trust, which announced the Julius Baer agreement Tuesday, has 85 U.S. offices and 13 international offices. It had $4.1 trillion of assets under custody and $757.2 billion of assets under management as of Dec. 31.
