FF&P Asset Management, part of the Fleming Family & Partners Group which has its roots as a venerable multi-family office, has appointed Chicago-based Northern Trust to provide custody and fund administration services – including fund accounting and transfer agency – for around £1 billion ($1.6 billion) in assets.

FF&P Asset Management said in a statement that Northern Trust had been chosen after a rigorous selection process on the basis of the bank's expertise and capabilities in supporting its core requirements.

“Northern Trust distinguished itself with its understanding of our business needs and ability to support our future development plans,” said Richard Fitzalan Howard, head of Asset Management – London, at FF&P Asset Management. 

“Easy access to information and people are very important to us; we particularly appreciate Northern Trust’s integrated technology platform and consultative approach, which are consistent with our strategy of focusing on growing a specialist investment management business. By partnering with Northern Trust, we are confident that these critical factors will underpin the achievement of our goals.”

Globally Northern Trust has $3.6 trillion in assets under custody, as at end September 2009, and $611 billion in assets under management.