Northern Trust Launches Tax-Exempt Fund

Chris Owen

23 August 2007

Chicago-based Northern Trust has launched the Northern Short-Intermediate Tax-Exempt Fund, which seeks to provide a high level of current income exempt from regular income tax by investing in municipal instruments with limited alternative minimum tax exposure. The fund is designed to provide a short-term complement to the company's existing Intermediate Tax-Exempt and longer Tax-Exempt Funds. It brings Northern Funds’ total of no-load domestic and international mutual funds to 38. The new fund is managed by Timothy Blair, vice president of Northern Trust Global Investments, NT’s multi-asset class investment management business. It will invest primarily in investment-grade municipal debt with a maturity ranging from one year to less than six years. The fund has a low investment minimum of $2,500 and will be available directly, as well as to high net worth investors through Northern Trust financial advisors and other intermediaries. As of 30 June 2007, NT had assets under custody of $4 trillion, and assets under investment management of $766.5 billion.