1. 5/11/2016 Current Press Releases | Northern Trust
https://www.northerntrust.com/about­us/news/press­release?c=1357662574209_886.xml 1/2
NORTHERN TRUST PRESS
RELEASE
NORTHERN TRUST APPOINTED BY BRIDGEWATER ASSOCIATES
FOR HEDGE FUND SERVICING
NORTHERN TRUST ANNOUNCED TODAY IT HAS BEEN APPOINTED BY
BRIDGEWATER ASSOCIATES, ONE OF THE WORLD’S LARGEST GLOBAL
HEDGE FUND MANAGERS, TO INDEPENDENTLY REPLICATE CERTAIN
MIDDLE AND BACK-OFFICE SERVICES FOR ITS APPROXIMATELY $140
BILLION IN ASSETS UNDER MANAGEMENT, AS PART OF
BRIDGEWATER'S ONGOING BACK OFFICE TRANSFORMATION PLAN.
CHICAGO , JANUARY 8, 2013 —
Northern Trust announced today it has been appointed by Bridgewater Associates, one
of the world's largest global hedge fund managers, to independently replicate certain
middle and back-office services for its approximately $140 billion in assets under
management, as part of Bridgewater's ongoing back office transformation plan.
In a role that will create approximately 100 jobs in Chicago and Stamford, Conn.,
Northern Trust will provide broad middle-office and back-office services including
replicating various administrative processing, trade processing, valuation, real-time
reporting, cash management, accounting and collateral management services.
These services will be furnished by Northern Trust independently, as well as mirroring
and quality checking middle and back-office services provided by another firm.
Northern Trust's independent review and validation of results will provide Bridgewater
Associates and its investors an enhanced level of oversight and controls with respect to
fund administration and middle and back-office functions. The arrangement is planned
to go live in 2014.
"We welcome this important strategic relationship with Bridgewater Associates," said
Steven L. Fradkin, President of Corporate & Institutional Services at Northern Trust. "As
one of the largest and most successful hedge fund managers in the world, with a long-
standing commitment to transparency and excellence, Bridgewater Associates
understands the value of a trusted global partner that can provide an additional check
and validation for their clients. This innovative relationship sets a new standard of
independence, which will benefit Bridgewater’s clients while reinforcing its leadership in
the industry."
"We are delighted to be working with Northern Trust and to draw on their leading-edge
technology and expertise for the benefit of our clients," said Eileen Murray, Co-President
of Bridgewater Associates. "At a time of unprecedented change and uncertainty for
investors, Northern Trust's independent review mandate as part of our ongoing
transformation program at Bridgewater is designed to provide an added level of
protection and security for our clients."
Since Northern Trust acquired hedge fund administrator Omnium from Citadel in July of
2011, the marketplace has delivered a strong response to the combination of Northern
Trust's trusted name and global scale along with industry-leading, technology-driven
hedge fund administration services designed to support high volume and highly
complex investment strategies.
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2. 5/11/2016 Current Press Releases | Northern Trust
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"This is a transformational relationship creating independent controls and a new level of
review and checks by two independent administrators," said Peter Sanchez, Chief
Executive Officer of
Northern Trust Hedge Fund Services (http://www.northerntrust.com/asset-
servicing/united-states/services/fund-services/hedge-funds)
. "As the hedge fund business model evolves, we expect our relationship with
Bridgewater will lead the way toward the structure and independent controls that
hedge fund investors will demand in the future."
Northern Trust is one of the world's leading asset servicing providers, offering global
expertise and local specialist services to
investment managers (http://www.northerntrust.com/asset-servicing/united-
states/services/fund-services)
and
institutional investors (http://www.northerntrust.com/asset-servicing/united-states) in
more than 40 countries. Northern Trust's Corporate & Institutional Services business unit
is a leading global provider of asset servicing, asset management, and related services
to fund managers, sovereign wealth funds, pension funds, foundations, endowments,
insurance companies and government funds. Northern Trust serves clients worldwide
with teams based in Dublin, Limerick, London, Luxembourg, Guernsey, Chicago, New
York and Hong Kong.
About Bridgewater
Bridgewater Associates is a global leader in institutional portfolio management with
approximately US$140 billion in assets under management, including US$75 billion in
its Pure Alpha strategies (a hedge fund/GTAA/Portable alpha strategy) and US$65
billion in All Weather, a diversified beta strategy/risk parity portfolio. Bridgewater began
investment operations in 1975, and is a pioneer in risk budgeting and the separation of
alpha and beta, managing Portable Alpha/GTAA, Hedge Fund, Optimal Beta/Risk Parity,
Currency Overlay, Global Fixed Income and Inflation-Indexed Bond mandates.
Bridgewater manages these portfolios for a wide array of institutional clients globally,
including public and corporate pension funds, foreign governments and central banks,
university endowments and charitable foundations.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment
management, asset and fund administration, banking solutions and fiduciary services
for corporations, institutions and affluent individuals worldwide. Northern Trust, a
financial holding company based in Chicago, has offices in 18 U.S. states and 16
international locations in North America, Europe, the Middle East and the Asia-Pacific
region. As of September 30, 2012, Northern Trust had assets under custody of US$4.8
trillion, and assets under investment management of US$749.7 billion. For more than
120 years, Northern Trust has earned distinction as an industry leader in combining
exceptional service and expertise with innovative products and technology. For more
information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.
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