Northern Trust has filed applications for exemptive relief to offer Exchange-Traded Fund (ETF) share classes alongside existing mutual fund share classes for certain adviser series within its two sponsored series trusts: Advisers Investment Trust and Datum One Series Trust. The filings demonstrate Northern Trust's commitment to providing asset managers with support and flexibility to meet the evolving preferences of their investors. This strategic move allows asset managers to pursue different fund formats while operating within an established regulatory and administrative environment.

ETFs continue to be a significant area of growth in the registered funds market, said Phil Nanof, head of ETF Services, Americas at Northern Trust. This capability would extend the company's ETF servicing framework within the multiple series trust model and reflects its focus on supporting asset managers as they consider a wider range of fund structures. The ability to pursue ETF share classes alongside mutual fund share classes in a single fund creates additional options for asset managers as they consider changes to their product line-up, distribution strategies, and the benefits to fund shareholders.

Multiple series trusts are widely used by unaffiliated asset managers to operate registered investment funds under a shared governance and operational framework. By supporting both mutual funds and ETFs within the same trust structure, asset managers can leverage the existing infrastructure to launch new products. Choosing a trust structure is a long-term operating decision for asset managers, said Barbara Nelligan, head of Service and Strategy Enablement, Global Fund Services, at Northern Trust. This capability is intended to provide flexibility as asset managers assess how ETFs may fit into their broader distribution and product strategies.

Key Trust Details

Northern Trust provides a complete suite of Asset Servicing solutions including fund administration, global custody, investment operations outsourcing and data solutions. The company supports a range of complex investment strategies across the full spectrum of asset classes. As of March 31, 2026, Northern Trust had assets under custody/administration of US$18.6 trillion and assets under management of US$1.8 trillion.