Keeping it all in the neighborhood, Chicago-based Shay Asset Management
picked Chicago-based Northern Trust
as its new fund administrator, the company revealed on Monday. Northern Trust began providing fund administration, transfer agency, and custody services on November 2 to the Asset Management Fund
family, which Shay advises.
A company spokesperson could not be reached for comment.
The $1.2 billion AMF funds include six fixed income mutual funds and one equity mutual fund.
“Northern Trust's well-earned reputation for exceptional service and its marketplace expertise regarding registered mutual funds were important factors in our selection,” stated Roger D. Shay, Jr.
, president of AMF and Shay Financial Services. “This strong combination, delivered in a cost-effective service model, will make Northern Trust a true partner in supporting our investment strategies and business goals.”
Services for the advisor will be administered through the Northern Trust Global Fund Services division, which handles services for roughly 4,000 funds worldwide. The Northern Trust Corporation hold $611 billion assets under management, as of September 30, 2009.
Company Press Release
Northern Trust chosen by Shay Assets Management Inc. to Provide Fund
Administration and other Services to the AMF Mutual Funds
CHICAGO, Nov. 30 /PRNewswire-FirstCall/ -- Northern Trust has been appointed by Shay Assets Management, Inc., to provide fund administration, transfer agency, and custody services to the Asset Management Fund (AMF) family of open-end mutual funds. Shay Assets Management, located in Chicago, serves as investment advisor to the $1.2 billion AMF family, which includes six fixed income mutual funds and one equity mutual fund.
"Northern Trust's well-earned reputation for exceptional service and its marketplace expertise regarding registered mutual funds were important factors in our selection," said Roger D. Shay, Jr., President of AMF and Shay Financial Services, Inc. "This strong combination, delivered in a cost-effective service model, will make Northern Trust a true partner in supporting our investment strategies and business goals."
The Northern Trust Global Fund Services (GFS) division has been servicing investment manager and fund company clients for more than 30 years, and has experience supporting a wide range of straightforward and complex investment strategies. Globally, GFS services more than 430 investment managers encompassing approximately 4,000 funds. The division, within the Corporate & Institutional Services unit, provides a comprehensive array of integrated solutions including investment operations outsourcing, accounting, administration, performance analysis, transfer agency and global custody, as well as banking and cash management solutions.
"AMF's commitment to their investors and long-term goals are a great fit with Northern Trust's ongoing support of the registered fund business," said Peter Cherecwich, Chief Operating Officer for Corporate and Institutional Services at Northern Trust.
_*About Northern Trust*_
Northern Trust Corporation (Nasdaq: NTRS ) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2009, Northern Trust had assets under custody of US$3.6 trillion, and assets under investment management of US$611 billion. For 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com .
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