Northern Trust Appointed by £22bn Asset Manager Fundsmith to Provide Asset Servicing Solutions to Smithson Investment Trust

Northern Trust (Nasdaq: NTRS) today announces it has been appointed by UK investment manager Fundsmith to provide fund administration, depositary, global custody and associated services to support Smithson Investment Trust – the largest UK-listed investment trust ever launched. The fund raised a record £822 million at flotation in October last year (according to Financial Times, 17 October, 2018).

Across its fund range Fundsmith is also using Integrated Trading Solutions – Northern Trust’s outsourced trading capability that combines worldwide trading expertise in equities and fixed income with access to global markets, extensive trading locations, high-quality liquidity and an integrated middle and back office service.

Simon Godwin, chief financial officer at Fundsmith, comments: "Appointing Northern Trust means we have an asset servicing partner with the global capabilities, scale and track record required to support Smithson Investment Trust’s operations and future growth. In addition, outsourcing trading activities across our funds to a trusted and expert provider supports Fundsmith’s focus on delivering first-class investment analysis, portfolio management and customer care.”

Guy Gibson, global head of Institutional Brokerage at Northern Trust Capital Markets comments: "By delivering global trade execution, matching, and compliance reporting through Integrated Trading Solutions, Northern Trust is actively supporting our client’s commitment to delivering value and cost-efficiencies for investors. Our trade execution middle office solution is helping the Fundsmith team free-up capital and resources, while allowing them to exercise the high levels of oversight and governance that they and their investors demand.”

Smithson Investment Trust invests in companies of between £500 million and £15 billion in market capitalisation, using the company’s hallmark long-term, value-investing approach. The fund’s launch, which was supported by Northern Trust, surpassed its founders’ initial expectations – with shares available on launch being raised to accommodate investor demand.

Laurence Everitt, head of Global Fund Services, UK at Northern Trust, also comments: "Northern Trust congratulates the Fundsmith team on this landmark fund launch – and on far surpassing their original target. As our client continues to extend its global value-investing approach to the small and mid-cap sector, Northern Trust has a comprehensive range of asset servicing and trading solutions available to support Fundsmith’s requirements as they grow and evolve. We are delighted to have this opportunity to build on our partnership together.”

Fundsmith was established in 2010 by veteran City investor, Terry Smith. Headquartered in London, it has more than £22 billion in assets under management (as at 31 March 2019) on behalf of global institutions and investors, and is owned and controlled by its partners. Its investment approach is centered on generating value for clients at reasonable cost by investing in quality global stocks, held for long time horizons.

Northern Trust’s Global Fund Services business provides fund administration, global custody, depositary, middle office and revenue enhancement solutions to global investment managers – supporting an extensive range of investment strategies across the full spectrum of asset classes.

About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 20 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2019, Northern Trust had assets under custody/administration of US$10.9 trillion, and assets under management of US$1.2 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures.

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