continues to broaden its funds distribution, hiring First Data
to provide distribution and co-administration services for both Northern Funds
and Northern Institutional Funds
Under the terms of the new five year contract, First Data will work hand in hand with Northern's internal fund services to provide both fund families with distribution and administration services, including legal and fund administration, consulting and sub-transfer agency processing services.
"The move to First Data Investor Services Group coincides with a major effort by Northern Trust to develop new and expanded distribution opportunities for our mutual funds," said Lloyd Wennlund
, managing director, mutual funds for Northern Trust Global Investments.
"With more than $26 billion in our combined retail and institutional fund families and significant growth momentum underway, we expect Northern to be an even larger player in the mutual fund business," Wennlund added.
In July 1999, First Data Corp. entered into an agreement to sell its Investor Services Group to PNC Bank. The transaction is expected to close by the end of the fourth quarter, 1999.
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