Asset servicer Northern Trust has been appointed by US-based fund manager Sands Capital Management to act as the fund administrator for its $6 billion Ireland-domiciled Ucits fund.
In addition to fund administration, Northern Trust will also provide transfer agency, global custody and depositary services.
The mandate extends an existing relationship between the two firms given that the custodian also services Sands Capital’s unregistered, US-domiciled funds.
It also sees Sands Capital consolidate the servicing of its four equity sub-funds with one provider.
“We are consolidating service provision to streamline our operating model and create efficiencies across our fund operations,” said Dana McNamara, chief administrative officer at Sands Capital.
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