Northern Trust Expands Fund Services with Avanda IM

Northern Trust announced it has expanded its fund services relationship with Avanda Investment Management, supporting its implementation of the mandate granted by Monetary Authority of Singapore (MAS) as part of the Equity Market Development Programme (EQDP). According to a story in MarketsMedia news, Northern Trust will provide investment operations outsourcing, fund administration and Investment Risk and Analytical Services, building on a relationship with Avanda that began in 2015. Northern Trust supports Avanda’s full range of funds with the above services as well as custody, foreign exchange, and securities lending. The EQDP is a S$5 billion (approximately US$3.8 billion) initiative aimed at strengthening Singapore’s asset management and research ecosystem and increasing investor interest in the local equities market. Avanda’s strategy under its EQDP mandate aims to enhance investor access to Singapore-listed equities and contribute to the development of the local capital market. Avanda was selected as one of the first asset managers under EQDP, which is jointly administered by MAS and the Financial Sector Development Fund.