Northern Trust Appointed by Modular Asset Management for Hedge Fund Middle and Back-Office Asset Servicing Mandate
Northern Trust (Nasdaq: NTRS) has been appointed by Modular Asset Management (Singapore) Pte. Ltd. (Modular), a specialist Asian macro alternative investment management company licensed by the Monetary Authority of Singapore, for a new asset servicing mandate.
Northern Trust will provide a range of custody, fund administration, middle-office outsourcing, collateral management and risk compliance monitoring services to Modular's newly launched Cayman Islands domiciled Modular Asian Macro Fund and related entities.
Modular, which spun out of a large US hedge fund manager in January 2020, is one of Asia's largest hedge fund launches in recent years. Its founder's track record has attracted commitments from global institutional investors, which will bring the firm's assets under management close to US$1 billion. Modular was founded by Jimmy Lim, who ran similar specialist Asian mandates at Millennium, BlueCrest and JPMorgan. Its Modular Asia Macro Master Fund is a specialist, pure-play Asia macro strategy aiming to provide stable uncorrelated absolute returns by investing in liquid foreign exchange and rates markets primarily within the Asia-Pacific region.
Iain Carey, head of Hedge Fund Services, Asia-Pacific at Northern Trust said: "We're seeing an increasing trend to middle-office outsourcing in the hedge fund arena, across Asia. Northern Trust's experience and expertise in dealing with sophisticated funds, coupled with our advanced technology platform and Singapore-based fund services capabilities ensure we're well placed to help Modular achieve its overall objectives."
Matthew Cannon, co-founder of Modular said: "We looked at a range of service providers and were impressed by Northern Trust's technology platform and integrated suite of services which securely support our complex investment strategies, investor liaison and operational needs."
Northern Trust Hedge Fund Services is a leading provider of administration and middle office services for alternative fund managers and institutional investors with complex portfolios. Its extensive asset servicing solutions supports a diverse range of asset classes and investment strategies, providing integrated middle-office capabilities from the point of trade capture through to investor statements around a single set of books and records.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2020, Northern Trust had assets under custody/administration of US $10.9 trillion, and assets under management of US $1.1 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
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