US asset manager Pzena Investment Management has appointed Northern Trust as asset-servicing provider for its Ucits funds.
Northern Trust already had a long-standing relationship with Pzena, which has US$37.4 billion (€33.3 billion) assets under management and has evolved into a global investment manager over the last decade.
The relationship now includes funds domiciled in the US, Ireland and Australia, and the new business also extends to fund administration for the Ucits funds.
Brown Brothers Harriman was the previous provider to the Ucits suite.
Evan Fire, chief information and operations officer at the asset manager, said Pzena was extending its product range and distribution footprint into new markets, meaning the business was growing in size and complexity. He said Northern Trust had the technology and scale to support its expansion plans.
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