New York (HedgeCo.net) – Hedge fund administration giant Northern Trust has made available the processing of syndicated bank loans in its automated solutions for clients with Markit WSO Services.
Syndicated bank loans are a non-standard alternative asset class that is becoming more popular among hedge funds and other asset managers for its income-generating potential.
“As clients increase their holdings of syndicated bank loans by 30 percent or more per year, our solution can enhance their ability to manage these complex, non-standard assets across multiple portfolios and accounts,” said Paul Fahey, Director of Global Product Management and Development for Global Fund Services (GFS) at Northern Trust. “Like our solutions for over-the-counter derivatives, hedge funds and private equity, this is an extension of Northern Trust’s scalable platform that allows investment managers to grow in markets or strategies where they have a competitive advantage.”
Markit WSO Services enhances controls and efficiencies around the bank loan lifecycle, including accurate trade capture, timely payments and comprehensive reporting. The tool works across multiple accounts and a variety of instruments such as term loans, revolvers, letters of credit, delayed draws and bridge loans. Northern Trust integrates the Markit tool with its global operations and technology platform, which houses the supporting data and documentation required for all bank loans, and has a dedicated team for syndicated bank loan processing.
“The market continues to seek solutions for this asset class and Northern Trust offers a unique blend of expertise, market-leading tools and a global platform to promote automation while maintaining data integrity,” said GFS Product Manager Jeff Potter. “We are now in the process of integrating this robust processing solution with Web Trade Services, our trade-matching solution, to advance our straight-through processing initiatives across traditional and alternative asset classes. This enhancement is further evidence of our ongoing commitment to delivering expanded asset processing support and reporting to our investment manager clients.”
Northern Trust’s Investment Operations Outsourcing business, within the Global Fund Services unit, offers a full range of middle- and back-office services tailored to the individual needs and requirements of each investment manager. GFS has been servicing investment manager and fund company clients for more than 30 years, and has experience supporting a wide range of complex investment strategies. Globally, GFS services more than 430 investment managers encompassing approximately 4,000 funds.
As of June 30, 2010, Northern Trust had $3.6 trillion in assets under custody, and $603 billion in assets under investment management.
Editing by Alex Akesson
For HedgeCo.net
alex@hedgeco.net
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