Northern Trust Appointed by US$45bn Manager Fundsmith to Provide Asset Servicing Solutions to its Luxembourg-Domiciled Funds

Northern Trust (Nasdaq: NTRS) today announces it has been appointed to provide fund accounting, transfer agency and global custody services to Fundsmith’s Luxembourg-domiciled umbrella, Fundsmith SICAV.

Headquartered in London, United Kingdom (UK) with offices in Mauritius and Connecticut, USA, Fundsmith has more than £33 billion (approximately US$45bn) of assets under management (as at 31 December 2020) on behalf of global institutions and investors.

Fundsmith SICAV was launched in 2011 to enable investors to access the Fundsmith Equity Fund strategy through a Luxembourg-based Société d'Investissement à Capital Variable (SICAV) fund. The fund currently has €6.4 billion of assets under management (as at 1 June 2021). During March of this year a new strategy – Fundsmith Sustainable Equity Fund – was added to the Luxembourg Fund range.

Simon Godwin, partner at Fundsmith LLP said: "Selecting Northern Trust aligns with our approach of working with leading service providers to deliver high-quality operations for our funds. As our clients invest with us, we are focused on providing them with high levels of support and efficient onboarding processes. Northern Trust's ability to deliver these via its transfer agency services was therefore a particular factor in this appointment, along with its continuing investment in these capabilities.”

In addition to its Luxembourg SICAV, Northern Trust acts as the fund administrator and global custodian to several of Fundsmith’s UK and US-based funds. 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.

Toby Glaysher, head of Global Fund Services, International at Northern Trust, also comments: "Northern Trust’s technology, investor servicing and trading capabilities make us well-placed to comprehensively support Fundsmith’s business planning and range of investment strategies – and this extension of our relationship reflects the strong synergies between our organisations. As their asset servicer, our global network helps facilitate operational efficiency, speed to market and distribution for their funds.”

Fundsmith was established in 2010 by veteran City investor, Terry Smith and is owned and controlled by its partners. Its flagship equity fund has seen significant growth over the decade since its inception, returning 440% to investors in that time (source: Business Insider, 28 December 2020).

Northern Trust’s Global Fund Services business provides services including fund administration, global custody, investment operations outsourcing and capital market revenue enhancement solutions to global investment managers – supporting a range of complex 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 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2021, Northern Trust had assets under custody/administration of US $14.8 trillion, and assets under management of US $1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.

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