Industry Updates

Waystone ETFs becomes white labeller for Northern Trust AM

FlexShares ICAV will be transferred Waystone ETFs

Theo Andrew

Paul Heffernan

Waystone ETFs has agreed a deal with Northern Trust Asset Management (NTAM) to take over its Irish ETF platform, becoming a white label provider for the issuer.

NTAM has just one ETF, the $287.4m FlexShares Listed Private Equity UCITS ETF (FLPE), which will now sit on Waystone ETF’s Irish Collective Asset Management Vehicle (ICAV).

The US asset manager will continue as the investment manager on the ETF, meaning it does not mark NTAM’s exit from the European ETF market.

Furthermore, ETF Stream understands Northern Trust will continue to act as a custodian and administrator on any future ETFs launched under Waystone’s ICAV.

The agreement is set to come into action on 12 July.

Paul Heffernan (pictured), CEO of Waystone ETFs, said: “We are delighted to be able to offer NTAM, who will remain the investment manager to their ETF, this fully customisable solution and look forward to capitalising on the significant tailwinds in the ETF market globally.”

A NTAM spokesperson added: “We are committed to delivering investment solutions that meet our clients’ investment needs.

"This change will enable us to offer our institutional clients efficient access to UCITS ETFs, while retaining the investment management expertise and service levels of Northern Trust Global Investments.”

NTAM’s presence in European ETFs came under question late last year after the group closed four of its five ETFs, leaving just FLPE in the market.

The firm’s EMEA head Marie Dzanis and several other senior employees departed the business earlier last year.

The deal marks one of Waystone ETFs first clients on its platform since ETF Stream revealed it would be entering the European white label market in July 2022.

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