Agreement to significantly reduce the burden of intermediary oversight expectations for mutual fund managers
Northern Trust has entered into an agreement with National Quality Review (NQR) to provide U.S. mutual fund managers with access to NQR Intermediary INSIGHT, a service that helps managers support their operational oversight of intermediary firms – entities which facilitate financial transactions between investors and investment products.
Under the terms of the agreement NQR will provide Northern Trust clients with an independent review of intermediary audit documentation in accordance with the Financial Intermediary Controls and Compliance Assessment (FICCA) Framework.
“Cost and compliance pressures continue to affect investment management operations, with intermediary oversight a key consideration for mutual fund managers,” said Lisa Shea of Northern Trust Fund Governance Solutions. “As a forward-thinking service provider, we aim to bring deep, specific expertise to the table in the most cost-effective way for our clients. NQR is a best-in-class provider, and together we’re able to provide the combined benefit of NQR and Northern Trust expertise to support mutual fund managers’ oversight programs.”
Having access to both Northern Trust mutual fund administration services as well as NQR Intermediary INSIGHT in one service offering saves managers’ time and resources that would otherwise be put toward reviewing intermediary audit documents. Managers also benefit from NQR’s direct access to key intermediary documents, cutting down on the time they would spend collecting these from intermediaries. Online dashboards and targeted reporting allows managers to quickly focus on areas requiring attention, and to provide timely and relevant reporting to the chief compliance officer and a fund’s board of directors.
“We launched Intermediary INSIGHT to help fund managers collect and analyze oversight data more efficiently. As a result, they have more time to focus on strategic opportunities and building relationships with their distribution partners,” said Doug Fortin, NQR president and founding partner. “Teaming up with Northern Trust is a terrific opportunity to streamline oversight for many more managers and continue moving the industry forward.”
Northern Trust’s Global Fund Services business provides fund administration, global custody, investment operations outsourcing and revenue enhancement solutions to global investment managers – supporting a range of complex investment strategies across the full spectrum of asset classes. Regional capabilities are supported by a global network of 25 international locations across the Americas, Asia-Pacific and Europe, Middle East and Africa.
About National Quality Review
Founded in Boston in 1991, NQR provides transfer agent, intermediary, and service provider oversight solutions to leading U.S. financial institutions, including 7 of the Top 10 mutual fund managers and a majority of the Top 50. The NQR Review Team averages over 20 years of industry experience in audit, operations, and compliance/legal, assessing hundreds of audited documents each year.
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 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2020, Northern Trust had assets under custody/administration of US$14.5 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.