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NEW YORK, Nov. 7, 2024 – Matrix Trust Company (Matrix Trust), a subsidiary of Broadridge Financial Solutions, Inc. (NYSE: BR), today announced the launch of a series of new index collective investment trusts (CITs), powered by Northern Trust Investments, Inc. (Northern Trust). The new CITs will invest in Northern Trust’s Aggregate Bond Index, S&P 500 Index and ACWI Ex-US Index collective investment trusts, to offer clients low-cost beta exposure. The CITs were created by Matrix Trust and built upon Matrix Trust’s existing offerings managed by sub-advisors.
“The launch of the new index CITs is an exciting next step in our continued effort to provide low-cost CITs to retirement plans and advisors for standalone beta exposure and building blocks within other model portfolios and target date funds,” said Toby Cromwell, head of CIT Funds Product Management, Broadridge’s Matrix Trust Company. “This solution will allow investment advisors, plan sponsors, and record keepers to optimize their selection of investment vehicles with an affordable and efficient tool that has the flexibility to be leveraged with plans of all sizes.”
The index CITs will be offered to ERISA plans of all sizes and will be available to any of Matrix Trust’s current National Securities Clearing Corporation platforms, along with the ability to use the CITs as building blocks for market exposure in existing CITs where Matrix Trust is the trustee. The index CITs have expense ratios of 2 bps, 4 bps, and 6 bps for the large cap index, bond index, and non-US index funds, respectively.
“We are pleased to partner with Matrix Trust on the launch of this new offering and are excited by the capabilities of this investment option for clients,” said Bob Parise, Head of North America Distribution at Northern Trust. “The new index CITs offer greater flexibility and accessibility for the retirement industry, opening the door for continued enhancements in the CIT sector.”
The launch of the new CITs represents a continued effort by Matrix Trust to build its discretionary trustee capabilities in the CIT marketplace to launch funds under the trusteeship of Matrix Trust Company. Matrix Trust expanded its collective investment trust business in 2019 by acquiring TD Ameritrade Trust Company’s CIT business as part of its strategy to add additional capabilities for Matrix Trust customers and launch more funds with potential sub-advisors in the future.
About Northern Trust Asset Management
Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments in efforts to realize their long-term objectives. Entrusted with $1.2 trillion in assets under management as of June 30, 2024, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take — in all market environments and any investment strategy. That’s why we combine robust capital markets research, expert portfolio construction and comprehensive risk management in an effort to craft innovative and efficient solutions that seek to deliver targeted investment outcomes. As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect and transparency.
Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Northern Trust Asset Management Australia Pty Ltd, and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.
About Northern Trust Corporation
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust Corporation has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2024, Northern Trust Corporation had assets under custody/administration of US$16.6 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust Corporation has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
About Broadridge
Broadridge Financial Solutions (NYSE: BR) is a global technology leader with the trusted expertise and transformative technology to help clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.
Our technology and operations platforms process and generate over 7 billion communications per year and underpin the daily trading of more than $10 trillion of securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries.
For more information about us, please visit www.broadridge.com.
To contact media relations, please email us at mediarelations@broadridge.com.