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Northern Trust to offer ETF administration service to Source’s ETF

Northern Trust has been selected to provide exchange traded fund (ETF) administration services to the LGIM Commodity Composite Source ETF, launched earlier in January 2012 by ETF provider, Source.

The fund, which tracks the LGIM Commodity Composite Index, is designed to offer diversified exposure to commodities in a UCITS compliant ETF.

The LGIM Commodity Composite Source ETF is similar to Source’s existing range of exchange traded commodities.

Source CEO Ted Hood said they saw the need for a well-constructed commodity index, providing diversified exposure, at a reasonable cost and in a UCITS-compliant fund.

"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," added Hood.

Northern Trust had assets under custody of $4.3 trillion by December 2011, and assets under investment management of $662.9bn.