Northern Trust (Nasdaq: NTRS) announced today it has launched North America Alternative Fund Services. This new group combines established private equity and hedge fund services businesses to deliver market-leading capabilities that address the complex operational and strategic needs of an evolving alternative asset management industry.

North America Alternative Fund Services provides fund administration, accounting and data solutions to some of the world’s most sophisticated hedge funds, private equity managers and managed account platforms. It offers specialized expertise in complex valuations, cash, collateral and liquidity management, as well as analytics and transparency into portfolios that increasingly combine hedge fund strategies with fund structures traditionally used by private equity firms.

The new group, one of the fastest growing businesses within Corporate & Institutional Services at Northern Trust, will be led by Peter Sanchez, who has been head of Northern Trust Hedge Fund Services since 2011. Jeff Boyd has been promoted to lead Hedge Fund Services in North America, reporting to Sanchez.

“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 & Institutional Services at Northern Trust. “Under Peter’s proven leadership, our North America Alternative Fund Services group provides a sophisticated technology platform, operational expertise and service model that delivers unrivalled support to the most innovative asset managers and their clients.”

Sanchez said: “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. 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.”

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 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2018, Northern Trust had assets under custody/administration of US$10.8 trillion, and assets under management of US$1.2 trillion. 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.