Peregrine Guernsey has appointed Northern Trust to provide global custody and fund administration services for approximately $725m in assets.

Hennie Esterhuizen, Managing Director of Peregrine Guernsey, said: “We appointed Northern Trust based on their expertise and understanding of our unique business needs.”

“As Guernsey’s largest fund administrator and custodian, it distinguished itself with its capabilities to support our core requirements and future development plans,” he said.

Peregrine Guernsey Limited is a subsidiary of a private client wealth management business in South Africa, the Citadel Investment Group, and manages the group’s offshore funds in Guernsey.

The funds will be administered from Northern Trust’s Guernsey office and add to its growing client base in the Channel Islands where Northern Trust provides a range of fund administration solutions, banking, global custody, depositary, credit and fiduciary services.

“We are delighted to be appointed by Peregrine Guernsey Limited,” said Belinda Burgess, Head of Northern Trust in the Channel Islands.

“Guernsey is a top-tier international finance center that benefits from a robust regulatory and compliance regime and we are pleased to offer a solution to help Peregrine Guernsey Limited achieve their objectives as its servicing provider in Guernsey and look forward to developing our mutual strategic goals in the future,” she said.

Northern Trust’s Global Fund Services business provides custody, fund administration, investment operations outsourcing and depositary services to investment managers across the globe and across the spectrum of asset classes.