Northern Trust has been appointed by WAY Fund Managers to act as depository and custodian for more than 60 funds valued at approximately $1.9bn.

Northern Trust will support two distinct fund ranges, WAY Fund Managers and Fund Partners.

Peter Hugh Smith, CEO at WAY Fund Managers Limited, said the firm chose the custody bank for its depositary services in addition to experience in global custody.

This appointment follows Northern Trust’s recent expansion of its European depositary services in order to meet Alternative Investment Fund Managers (AIFM) directive requirements. It now offers depositary services in the United Kingdom and The Netherlands.

“Regulation continues to have a significant impact on fund managers across the globe,” said Alastair Hay, head of UK depositary services at Northern Trust.

“We understand our clients have unique challenges and we are committed to continuing to develop and invest in our depositary services business to support our fund manager clients in complying and taking advantage of the new regulatory environment.”