Northern Trust announced that it has been selected to provide custody, depositary, and fund administration services for AJ Bell’s in‑house fund range, which manages approximately £5 billion (about US$6.5 billion) of assets in the United Kingdom. The partnership, announced on November 24, 2025, marks a strategic expansion of Northern Trust’s footprint in the UK retail investment platform market and adds a high‑profile client to its global asset‑servicing portfolio.
The deal positions Northern Trust to leverage its technology and operational expertise to support AJ Bell’s low‑cost, multi‑asset fund offerings. Northern Trust’s leadership in UK custody and fund accounting—ranked as the country’s leading provider by number of funds—provides a strong foundation for delivering efficient, scalable services to AJ Bell’s retail investors. The collaboration also involves the Carne Group, which will act as the authorised corporate director for AJ Bell’s funds, adding a layer of regulatory oversight and operational support.
Laurence Everitt, head of Global Fund Services, UK, said the partnership “demonstrates Northern Trust’s ability to deliver world‑class custody and fund accounting services to a leading UK platform, reinforcing our commitment to expanding high‑margin client relationships in the asset‑servicing segment.” Ryan Hughes, Managing Director at AJ Bell Investments, added that the appointment “bolsters our business with depth and expertise, enabling us to continue offering simple, low‑cost investment solutions to UK retail investors.”
The partnership is expected to strengthen Northern Trust’s revenue stream from fund administration and support its broader strategy of expanding high‑margin client relationships. By adding £5 billion of assets under custody, Northern Trust will increase its scale and operational leverage, while the technology partnership with AJ Bell will drive efficiencies and enhance the client experience across the multi‑asset fund suite.
The collaboration underscores Northern Trust’s focus on technology investment—having committed approximately $2.5 billion to technology over recent years—and its ability to scale services to meet the demands of a growing retail investment platform market. The deal also signals AJ Bell’s confidence in Northern Trust’s capabilities to support its low‑cost, multi‑asset strategy, positioning both firms for continued growth in the UK market.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.