Northern Trust has been appointed to provide global custody, fund accounting, depositary services and its outsourced trading service to International Biotechnology Trust and its investment manager SV Health Managers.
Founded in 1994, International Biotechnology Trust is a UK-based investment trust, that, at end of May 2022, had a market capitalisation of over £255 million.
Publicly traded on the London Stock Exchange, its objective is to achieve long-term capital growth by investing primarily in biotechnology and other life sciences companies with the potential for high growth through the development and/or commercialisation of a product, device or enabling technology.
Northern Trust is currently enjoying an extended run of success in the UK with mandates pouring in over the past 12 months. This has included eight Local Government Pension Scheme (LGPS) funds with combined assets of £44.8 billion ($61.6 billion), the $23 billion Coal Pension scheme and Guernsey-domiciled investment firm Castelnau Group.
“We are delighted to partner with International Biotechnology Trust and SV Health Managers in delivering the administration, execution and technology capabilities they and their investors require,” said Laurence Everitt, head of global fund services, UK at Northern Trust.
“Our Whole Office approach to working with investment managers allows us to deliver these solutions via a single platform and integrated service model – reducing business complexity for clients while helping us meet their evolving requirements.”