SWITZERLAND – Swiss Capital, a Zurich-based alternatives firm which manages pension fund assets, has handed a $1.2bn (€1bn) hedge fund custody and administration mandate to Northern Trust.

Chicago-based Northern said it had been selected by Swiss Capital to provide custody and fund administration services to its 15-strong range of fund-of-hedge-funds.

"After conducting a comprehensive review of the administrators and custodians that supply services to the fund of hedge funds market, we chose Northern Trust because of its strategic view on the hedge fund business, its experienced team and its superior technology," Marcel Schindler, Swiss Capital’s chief operating officer, was quoted as saying in a Northern release.

"We see our selection by Swiss Capital as a strong endorsement of our capabilities and we look forward to working with them," said Jonathan Quigley, director of technical sales at Northern Trust in Dublin.

He added that the growth in the funds of hedge funds market is creating opportunities for administrators like Northern Trust.

Swiss Capital was founded in 1998 by 20 former UBS and McKinsey & Co. managers.

Its asset management arm offers products and advisory services focusing primarily on alternative investments for institutional investors such as pension funds as well as private clients.

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