Northern Trust has been selected by Wilmington Trust, N.A. to provide custody, fund accounting, fund administration, fund-of-fund administration, and transfer agency services for collective investment trust (CIT) funds with approximately USD90bn in total balances.
Rob Barnett, EVP and head of intermediary sales at Wilmington Trust, said: “CITs continue to be an increasingly popular investment vehicle to support the long-term investment goals of plan participants for the U.S. retirement plan space. Wilmington Trust needed a service provider with a deep understanding of this vehicle, the commitment and expertise to service plan participants’ unique needs, and the operational strength and technology to support the complexity of a diverse group of investment strategies. Northern Trust’s expertise in both the CIT and pension space — combined with their exceptional client service leveraging flexible and customizable technology — makes for a quality experience that strives to bring CITs into the modern space.”