Northern Trust wins Azimut mandate

Italian asset manager Azimut has appointed Northern Trust (NT) as the custodian for its Dubai-based range of funds.

The managed funds are domiciled in the Dubai International Finance Centre (DIFC) and NT will provide portfolio reporting and local asset servicing from its UAE office.

According to Michael Slater, NT’s head of Middle East and Africa, the asset servicer’s local presence, technology platform and global custody service “supports Azimut’s strategic growth objectives by delivering servicing and solutions in its working week and time zone”.

“As we continue to grow our investment solutions offering for our clients in the Middle East, we are committed to providing them with efficient and best-of-class services,” said Giorgio Medda, chief executive and global head of asset management of Azimut Group.

The appointment of NT comes just weeks after Azimut launched its first Ucits fund for the Egyptian market.

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