Northern Trust announced that it has been selected to provide outsourced trading via its Integrated Trading Solutions (ITS) for True Potential, a United Kingdom (UK)-headquartered wealth management firm, supporting £31.7bn (approx. US$40.2bn) of assets under management (source: True Potential, 31 July 2024). Northern Trust will assume the trading function across True Potential’s internally managed funds with approximately £6.1bn AUM as of 31 July 2024.
Northern Trust previously announced its appointment as True Potential’s custodian in January 2024. Northern Trust is providing fund accounting, transfer agency, custody and depositary services to True Potential’s open-ended investment company (OEIC) UK-domiciled fund range.
Founded in 2007 and headquartered in Newcastle, UK, True Potential is a platform operator, investment manager, pension operator and administrator providing investment products and technology to more than 1.4 million private clients. Its investment products include the True Potential Wealth Strategy Funds – aimed at helping clients manage wealth in a simple solution – and True Potential Portfolios, a suite of diversified, discretionary-managed investment solutions.
“True Potential selected Northern Trust as their outsourced trading partner to leverage our extensive access to brokers, trading expertise and transparent commission model. In addition, our ability to access all 18 available Gilt-edged Market Makers (GEMMS) and broad range of ETF liquidity options via our efficient price discovery mechanism was a key decision point,” said Amy Thorne, Head of Integrated Trading Solutions, EMEA, Northern Trust. “The addition of trading and trade-related processing means True Potential is taking full advantage of Northern Trust’s capabilities at every point in the lifecycle of an investment decision, from execution to custody and beyond.”
“Northern Trust’s outsourced trading operations provide a more attractive pricing model for our portfolios, which we believe can lower costs for our clients. This is important for us all as we continue to grow our investment solutions,” said Kevin Kidney, Head of Asset Allocation, True Potential. “The team at Northern Trust worked diligently to find the right solution and focused their approach on the best outcomes for our clients. We look forward to growing our relationship with them.”
Northern Trust’s outsourced trading capability combines worldwide agency-only trading expertise in equities, fixed income and exchange traded derivatives across global markets, coverage from multiple trading locations, access to high-quality liquidity and a fully integrated middle and back-office service. ITS helps asset owners and asset managers to meaningfully lower costs, reduce risk, manage regulatory compliance and enhance transparency and operational efficiency.
ITS is part of Northern Trust Banking & Markets which also provides institutional brokerage, foreign exchange, securities lending and transition management services.
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