Northern Trust Expands Mutual Fund Services for Correspondent Bank Clients

Northern Trust announced today it will expand the third-party fund services it provides to Correspondent Trust Services clients through a collaboration with Matrix Financial Solutions, a Broadridge Company. The enhanced capability will allow correspondent banks to trade mutual funds, exchange traded funds and collective investment trusts from more than 650 asset management fund families.

By consolidating mutual fund processing, clients will have a single outlet for all asset reporting and settlement. This will allow clients to reduce the number of vendors they need to manage and have the ability to house all of their underlying client assets with Northern Trust.

Broadridge’s Matrix platform will capture the trades from the correspondent trust banks, communicate the trades to the fund managers, and send Northern Trust the settlement positions and trade confirmations. Northern Trust will leverage its online system, Northern Trust Passport, to provide consolidated reporting. This process provides clients the operational efficiency of settling and reconciling with one institution.

“As the percent of trust bank assets held in mutual funds continues to grow, Northern Trust has responded by making it easier for clients to trade this asset class,” said Pete Cherecwich, Americas head of Corporate & Institutional Services at Northern Trust. “This new capability aligns with Northern Trust initiative to expand the set of valuable services we offer our correspondent trust bank clients.”

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2016, Northern Trust had assets under custody of US$6.2 trillion, and assets under management of US$900 billion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures.

About Broadridge

Broadridge Financial Solutions, Inc. (NYSE:BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge’s investor communications, securities processing and business process outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge’s infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,700 full-time associates in 14 countries.

For more information about Broadridge, please visit www.broadridge.com.

About Matrix Financial Solutions

Matrix Financial Solutions, now part of Broadridge Financial Solutions, Inc., is a leading provider of TrueOpen™ retirement products and services for third party administrators, financial advisors, banks and other financial professionals. Matrix serves more than 400 financial institutions with over $300 billion in customer assets processed through its trading platform. For more information about Matrix, please visit matrix.broadridge.com.

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