Northern Trust enhances US mutual services

Northern Trust says it has enhanced its reconciliation and payment processing for intermediary payments to improve automation and provide more comprehensive reporting to its clients, in response to increased regulatory focus on US mutual funds fee arrangements.

With the implementation of Broadridge Financial Solution’s Revport tool, Northern Trust says it has streamlined its process for invoice validation, controls around invoicing and payment processes and reporting options on how funds communicate with their boards.

“As the SEC has increased its focus on mutual fund fee arrangements, Northern Trust has developed capabilities that help our fund clients tighten controls around their oversight process,” said Dan Houlihan, head of global fund services in North America at Northern Trust. “We view this as a natural extension of our dealer servicing support for US mutual funds.”