Northern Trust has announced that it has been selected to provide exchange traded fund (ETF) administration services to the LGIM Commodity Composite Source ETF, launched earlier this month by leading ETF provider, Source.
 
The fund, which tracks the LGIM^® Commodity Composite Index^TM , is designed to offer high quality, diversified exposure to commodities in a UCITS compliant ETF. The LGIM Commodity Composite Source ETF complements Source’s existing range of exchange traded commodities.

“We saw the need for a well-constructed commodity index, providing diversified exposure, at a reasonable cost and in a UCITS-compliant fund,” said Ted Hood, CEO of Source. “We partnered with Legal & General Investment Management (LGIM) to create an ETF to track this groundbreaking index, and are delighted to continue to work with Northern Trust whose specialist and proven expertise, systems and operations in the field of ETF servicing will ensure our specific requirements are met.”

“We are delighted to continue to provide ETF administration to Source’s range of ETF solutions, and, in particular, this new fund,” said Liam Butler, managing director of Northern Trust Securities Services Ireland (NTSSI). “Northern Trust understands the dynamics and challenges of the European ETF market and has implemented solutions to support both primary and secondary market activities and overcome many of the challenges presented by cross-border distribution.”

Northern Trust’s global funds services group has been providing award winning fund administration solutions for European ETFs for more than 10 years. It administers a broad range of global assets, including equities, fixed income, real estate, infrastructure, listed private equity, regional and sector specific ETFs and can support physical, synthetic and hybrid ETF models, including both cash and in-specie dealing methodologies.  

^® LGIM is a registered trade mark in the UK and in the rest of the European Union in the name of Legal & General Group plc.  
 ^TM LGIM Commodity Composite Index is the subject of a pending trade mark application in the European Union in the name of Legal & General Group plc.