Northern Trust launches alternative fund services

Northern Trust Corp. is introducing an alternative fund services business for North America, aimed at addressing the needs of the evolving alternative asset management industry.

Peter Sanchez, who has led the company’s hedge fund services since 2011, will lead the new business, which is part of Northern Trust’s corporate and institutional services.

“Bringing private equity and hedge fund services together leverages Northern Trust’s strong footprint in both sectors and enables us to deliver increasingly innovative solutions for this dynamic market,” said Sanchez, in a press release. “As a strategic operations partner, alternative fund services can provide the technology platform, transparency tools and domain expertise to help asset managers thrive in a changing marketplace.”

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The new business will provide fund administration, accounting and data solutions to hedge funds, private equity managers and managed account platforms. It also offers expertise in valuations, cash, collateral and liquidity management.

“Investment managers face new operational challenges as they move across asset classes to more complex portfolio construction approaches — incorporating private equity, real estate, infrastructure, as well as hedging strategies in the search for yield,” said Pete Cherecwich, president of corporate and institutional services at Northern Trust, in the release.