First Sentier Investors (FSI) has hired Northern Trust to provide a middle office outsourcing service.
The Australian asset manager underwent a global rebrand in 2020 following its 2019 acquisition from Commonwealth Bank of Australia by Japan’s Mitsubishi UFJ Trust and Banking Corporation.
During the rebrand, FSI also migrated its Australian office onto a new global network as well as upgrading its main portfolio management system.
According to Northern Trust, the mandate highlights a continued outsourcing trend among Australia’s fund managers. “This allows them to focus on their core business of investment decision-making and asset allocation,” said Angelo Calvitto, Northern Trust country executive, Australia.
Rob Scott, FSI’s chief operating officer, said: “Northern Trust’s ability to provide a single global middle office service utilising a single scalable technology infrastructure were key factors in our decision.”
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