Chicago-based Ariel Investments (“Ariel”) has selected Northern Trust to provide fund administration, fund accounting, and custody services for its suite of mutual funds with assets of US$4.1 billion as of May 31, 2016.

“Ariel and Northern Trust are both Chicago institutions with global reach and similar values,” said Merrillyn J. Kosier, Executive Vice President, Chief Marketing Officer at Ariel. “Northern Trust’s focus on providing personalized client service and anticipating our needs, while also offering innovative technology and product solutions, was key to our selection. We also appreciate Northern Trust’s commitment to diversity and inclusion, along with the professionalism and engagement of the service team. We are excited to work with Northern Trust as we continue to grow.”

Since its inception in 1983, Ariel Investments has grown from 2 to 88 employees with US$10.5 billion in total assets under management as of May 31, 2016. Headquartered in Chicago with offices in New York and Sydney, Ariel manages six no-load mutual funds. Additionally, Ariel manages separate accounts for corporate, public, union, and non-profit organizations.

“Bringing Ariel onboard speaks to the strength of our mutual fund servicing capabilities, particularly the expertise of our client service team and the emphasis we place on understanding each client’s unique goals,” said Pete Cherecwich, head of Global Fund Services at Northern Trust. “Northern Trust continues to invest in and proactively craft solutions for mutual fund clients to ensure their current and emerging needs are met. Ariel and Northern Trust have strong roots in Chicago while offering global scale and sophistication. It’s an honor to work with Ariel to support their mutual fund complex.”

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 offices in the United States in 19 states and Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2016, Northern Trust had assets under custody of US$6.2 trillion, and assets under management of US$900 billion. For more than 125 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/disclosures.