01/02/2012 Author: Will Wainewright

Northern Trust admin growing despite cuts

Northern Trust’s hedge fund administration unit is “continuing to hire” despite the job cuts planned for the wider company.

It emerged this week that the company is planning to cut 700 jobs in the US and Europe as it targets cost reductions of $230m by the end of 2013.

But a spokesperson told HFMWeek the admin unit would not be hit. “While we can’t comment on any specifics, we can say that we are continuing to hire in our Northern Trust Hedge Fund Services (NTHFS) group, both in the US and in Emea.”

Northern Trust provides admin services to single-manager hedge fund clients worth $160bn in assets, placing it seventh in HFMWeek’s November AuA rankings.

The statement comes following Olivier Noel’s appointment as deputy managing director of its Luxembourg Management Company, which provides admin services.

They added that assets under administration had increased by 20% since the NTHFS group was formed six months ago, as their hedge fund administration capabilities “continue to grow”.