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Corry Capital Advisors selects Northern Trust for depositary and fund administration

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Northern Trust has been appointed by US investment manager Corry Capital Advisors (CCA) to support its expansion into Europe and distribution of its longevity-based life settlement strategies to new investors.

Northern Trust will provide fund administration and depositary solutions for CCA’s new Irish Life Settlements Irish Collective Asset-management Vehicle (ICAV), as CCA increases its European presence and opens a new office in Dublin.

CCA is headquartered in Pittsburgh, Pennsylvania, US and was founded in 2006 by William Corry who also serves as its general manager. CCA is a specialist alternatives investment manager with a focus on life insurance and life settlement markets. With a US client base of investors including public pension funds, Taft Hartley pension plans and family offices, CCA manages and invests in a diversified portfolio of life insurance policies, purchased with the objective of obtaining attractive absolute and risk-adjusted returns, with a low correlation to other asset classes and investment types.

Davy Investment Fund Services Limited is investment manager and alternative investment fund manager for CCA’s new fund under European Union AIFMD (Alternative Investment Fund Managers Directive) regulations.

William Corry says: “We are delighted to partner with Northern Trust to support our European distribution goals and this extension of our investment fund strategies. Having confirmed our asset servicing partnerships for our latest fund, we now have the infrastructure and networks in place to underpin this next phase of our growth.”

Clive Bellows, head of Global Fund Services, Europe, Middle East and Africa at Northern Trust, says: “Institutions are increasingly looking to alternative assets as a source of diversification and growth – and Northern Trust is perfectly placed to support managers with the flexibility and capability they need to service any asset class across multiple investment strategies. We are excited to be working with the CCA team in this way as they further extend their fund distribution across Europe.”

Northern Trust’s Global Fund Services business provides fund administration, global custody, depositary, investment operations outsourcing and revenue enhancement solutions to global investment managers – supporting an extensive range of complex investment strategies across the full spectrum of asset classes.

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