MutualFundWire.com: Sanders Entrusts a Chicago Fund Administrator

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Friday, January 22, 2010

Sanders Entrusts a Chicago Fund Administrator

Sanders Capital, the just launched investment firm from ex-Alliance Bernstein CEO Lewis Sanders and John Mahedy, has selected Northern Trust to handle its fund administration and investment operations outsourcing, the firm revealed on Thursday.

The terms of the partnership call for Chicago-based Northern Trust to provide investment operations outsourcing and fund administration services to New York-based Sanders, as the firm prepares to launch a series of institutional funds and value-oriented investment strategies this year. As previously reported by The MFWire, Sanders already scored a contract when Vanguard added the firm as a sub-advisor to its $35 billion Windsor II fund on January 13, allocating 8.5 percent of the funds assets to Sanders.

“Northern Trust's expertise in middle-office outsourcing and successful history of supporting asset growth and new product launches for investment managers make them an ideal partner for our firm,” stated Sanders.

Northern Trust's Investment Operations Outsourcing arm, which is part of its Global Fund Services unit, handles a wide range of middle- and back-office services for over 430 investment managers and roughly 4,000 funds. As of December 31 2009, Northern Trust had assets under custody totaling $3.7 trillion as well as $627.2 billion assets under investment management.

Company Press Release

Northern Trust to Provide Middle-Office Outsourcing and Fund Administration Services to Sanders Capital, LLC

CHICAGO, Jan. 21 /PRNewswire-FirstCall/ -- Northern Trust has been appointed by Sanders Capital, LLC, to provide investment operations outsourcing and fund administration services. Sanders Capital, based in New York, N.Y., is launching a series of value-oriented investment strategies and institutional funds in 2010.

"Northern Trust's expertise in middle-office outsourcing and successful history of supporting asset growth and new product launches for investment managers make them an ideal partner for our firm," said Lewis A. Sanders, Chief Executive Officer of Sanders Capital. "In addition to technology and operations strength, Northern Trust brings a commitment to best practices, compliance and governance standards that is critical to our foundation as an investment manager."

Northern Trust's Investment Operations Outsourcing business, within the Global Fund Services (GFS) 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.

"We are pleased to work with Sanders Capital, an institutional manager with a value orientation and a strong client-centric philosophy," said Peter Cherecwich, Chief Operating Officer for Corporate and Institutional Services at Northern Trust. "By outsourcing investment operations and fund administration services, Sanders Capital can focus resources on its core mission of producing superior investment results for clients."