Northern Trust’s selection as sole provider of trading services for Waverton Investment Management (Waverton) is providing the scale and operational resiliency to support its strategic growth aspirations.
Waverton is a UK-based investment management firm with offices in London, Edinburgh and Glasgow with £12.5 billion (approximately US$15.8 billion) in assets under management, as of 30 June 2024. Serving private investors, charities, financial advisers and institutional investors, Waverton’s aim is to generate inflation- beating returns over the long term, using a global, active, direct, multi-asset investment approach through bespoke portfolios or specialist funds.
Waverton carried out an extensive review of its operating model to align its operational structure with plans to expand its product range and investment capabilities. This identified an opportunity to outsource its trading to a third-party provider able to offer operational scale, access to global markets and high-quality liquidity. With approximately 50 portfolio managers across private clients, multi-asset, investment, charities and fixed income, it was important to ensure a smooth transition of knowledge and expertise.
The decision to appoint an outsourced trading partner also coincided with Waverton adopting the SEI Wealth PlatformSM (SWP) which created a substantial change to its entire operating model.
Waverton and Northern Trust worked together to implement an aligned, agency-only execution solution through Northern Trust’s Integrated Trading Solutions (ITS) outsourced trading desk with access to significant liquidity and scale across 82 markets. This included a comprehensive pre-live project to identity potential savings and efficiencies. Key features of the outsourced partnership include:
Implementing a scalable operational structure via Northern Trust’s ITS solution has allowed Waverton to focus on growth and plans to expand its product range and investment capabilities.
Two of its traders have joined Northern Trust supporting a seamless transition through their valuable knowledge of Waverton’s business. As a result, Waverton’s front office portfolio management team has reported no material change to its investment process following the move.
Waverton has also benefitted from tangible savings to its underlying funds through reduced trading costs realised on day one and improved execution quality (as verified by an independent TCA provider).
Outsourcing our trading to Northern Trust provides Waverton with access to global markets, high-quality liquidity and operational scale. In addition to both organisations’ strong service ethos and cultural fit, we are confident this combination delivers the service and operational resilience we require to support our growth aspirations.
– Michael Allen
Chief Operating Officer
In summary, the transition to Northern Trust has been seamless. The teams are readily available for whenever we carry out trades and communicate in detail. There is no additional burden for us compared to when dealing was managed in house, allowing us to continue business as usual. We are very happy as a team with how we now operate.
– Fixed Income Team
The change in the dealing function from one that was managed internally to it being outsourced to Northern Trust has proved to be a relatively seamless transition from the Private Client portfolio manager perspective. Overall, it has been a great project.
– Private Client Team
The Northern Trust team is always extremely responsive, accommodating and professional. The ability to have 24/6 trading, if required, is an added bonus.
– Multi-Asset Team
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Head of Integrated Trading Solutions, EMEA
Head of Brokerage, APAC
Head of Integrated Trading Solutions, Americas
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