Northern Trust has been administering private equity funds for more than 20 years. In 2008 the total committed capital of all the funds it administers reached US$71.7bn, a 14% increase in the year to September 30, 2008. Northern Trust was also involved with the 2008 listing of the US$2bn Conversus Capital – the first of its type to be listed on the Amsterdam Euronext. Last year also saw Northern Trust support more than 10 new fund launches across a range of strategies, including climate change solutions, healthcare technology and LBOs.
In March 2008, Northern Trust established a private equity team in Jersey in response to market demands for specialist provision and has secured its first fund mandate. After being the first administrator to declare the formation of a dedicated, full service private equity fund administration team in Dublin in 2006, Northern Trust established a further servicing hub in Limerick in 2007, with the second phase of the office opening in February 2008. The office works closely with the local university to help develop skilled graduates.
Retaining talent is a challenge in the private equity space but it is much more acute for a fund administrator located on an island with 100% employment. Northern Trust’s senior relationship managers have an average of 10 years’ private equity fund administration experience.
The company’s European private equity operations are part of the global 2008 best practice client servicing team initiative. This enhancement involves dedicated best practice managers in each of Northern Trust’s European servicing locations to focus on developing and implementing best practices globally. Initiatives include enhanced training, new technology tools to track client relationships and build on existing metrics for client satisfaction and service reviews.
Northern Trust has a long-standing and continuing reputation for excellence and leadership in the European private equity fund administration space. This is reflected through its long-term client relationships and the wide spectrum of private equity funds that it administers. For each relationship it provides a bespoke business model.