Luke Judge

LONDON–(EON: Enhanced Online News)–Northern Trust (Nasdaq: NTRS) announced today that it has been selected to provide exchange traded fund (ETF) administration services to the LGIM Commodity Composite Source ETF, launched earlier this month by leading ETF provider, Source.

“we partnered with Legal & General Investment Management (LGIM) to create an ETF to track this groundbreaking index, and are delighted to continue to work with Northern Trust whose specialist and proven expertise, systems and operations in the field of ETF servicing will ensure our specific requirements are met.”

the fund, which tracks the LGIM® Commodity Composite IndexTM , is designed to offer high quality, diversified exposure to commodities in a UCITS compliant ETF. the LGIM Commodity Composite Source ETF complements Source’s existing range of exchange traded commodities.

“We saw the need for a well-constructed commodity index, providing diversified exposure, at a reasonable cost and in a UCITS-compliant fund,” said Ted Hood, CEO of Source. “We partnered with Legal & General Investment Management (LGIM) to create an ETF to track this groundbreaking index, and are delighted to continue to work with Northern Trust whose specialist and proven expertise, systems and operations in the field of ETF servicing will ensure our specific requirements are met.”

“We are delighted to continue to provide ETF administration to Source’s range of ETF solutions, and, in particular, this new fund,” said Liam Butler, managing director of Northern Trust Securities Services Ireland (NTSSI). “Northern Trust understands the dynamics and challenges of the European ETF market and has implemented solutions to support both primary and secondary market activities and overcome many of the challenges presented by cross-border distribution.”

Northern Trust’s global funds services group has been providing award winning fund administration solutions for European ETFs for more than 10 years. it administers a broad range of global assets, including equities, fixed income, real estate, infrastructure, listed private equity, regional and sector specific ETFs and can support physical, synthetic and hybrid ETF models, including both cash and in-specie dealing methodologies.

® LGIM is a registered trade mark in the UK and in the rest of the European Union in the name of Legal & General Group plc.

TM LGIM Commodity Composite Index is the subject of a pending trade mark application in the European Union in the name of Legal & General Group plc.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. as of December 31, 2011, Northern Trust had assets under custody of US$4.3 trillion, and assets under investment management of US$662.9 billion. for more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. for more information, visit northerntrust.com.

the Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Global Services Limited (reg. no. 04795756) are authorised and regulated by the Financial Services Authority.

the material within and any linked material accessed via this communication is directed to eligible counterparties and professional clients only and should not be distributed to or relied upon by retail investors. for Asia Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.

Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, and Northern Trust International Fund Administration Services (Guernsey) Limited are licensed by the Guernsey Financial Services Commission. Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission. Northern Trust International Fund Administration Services (Ireland) Limited, Northern Trust Securities Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Central Bank of Ireland. Northern Trust Global Services Limited has a Luxembourg Branch, which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF). Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF). Northern Trust Global Investments Limited has a Netherlands branch, which is authorised by the Financial Services Authority and subject to regulation in the Netherlands by the Autoriteit Financiële Markten. Northern Trust Global Services Limited has a Netherlands Branch, which is authorised and regulated in the Netherlands by de Nederlandsche Bank. Northern Trust Global Investments Limited has a Sweden branch, which is authorised by the Financial Services Authority and subject to regulation in Sweden by the Finansinspektionen. Northern Trust Global Services ltd (UK) Sweden Filial is authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen. Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office. Our registered office is authorised and regulated by the Central Bank of the United Arab Emirates. the Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority. the Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission. the Northern Trust Company of Hong Kong Limited is regulated by the Hong Kong Securities and Futures Commission. Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency. the Northern Trust Company has a Singapore Branch, which is a foreign wholesale bank regulated by the Monetary Authority of Singapore. the Northern Trust Company operates in Canada as the Northern Trust Company, Canada Branch, which is an authorised foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary the Northern Trust Company, Canada, an authorised trust company under the Trust & Loans Companies Act (Canada). Deposits with the Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation.

IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. for more information about this notice, see northerntrust.com/circular230.

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You might have been looking for… 15 by jimwilson, Oct 15, 2010 12:40 PM NZ shipping should be market driven, report says by toevais, Oct 15, 2010 12:06 PM A report commissioned by New Zealand’s transport department into the nation’s shipping industry has found that growth should not be driven by government.

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 The airlines are always quick to blame external factors for their problems.  High jet fuel prices.  Depressed economy.  Whatever.  On the face of it, this sometimes seems fair.

But then you see two airlines come out with two very different financial results, even though both pay the same price for jetfuel, both operate in the same economy, etc; and you wonder how it is possible for such a huge difference in results.  Could it be that rather than these external factors, there are also factors unique to each airline that influences which airlines succeed and which fail?  Possibly even something as simple as good or bad management?

The latest example of this is with Canada’s two main airlines.  Air Canada just posted a loss of $203 million for its second quarter, while much smaller WestJet reported a $21 million profit.  Well done Westjet – an airline that continues to gain more converts by virtue of providing a good service at a fair price.  A simple formula, you’d think, but apparently too complex for Air Canada to copy.

Talking about losses, Mexicana filed for bankruptcy on Tuesday, blaming high labor costs and the H1N1 flu problems in Mexico (last year, that is, not currently).

While the airline hopes to continue to operate its flights, it is having some of its planes seized, and other creditors and aircraft lessors are reportedly moving to grab whatever they can, particularly when planes are outside of Mexico.

If you have travel plans on Mexicana, you might want to keep a careful eye on its schedule.  Expect the truth to change several times between now and whenever your flight departs.

And in generic bad news for Mexico, the FAA said last Friday that Mexico does not meet its international air carrier safety standards so has downgraded all Mexican airlines.  This means that Mexican airlines cannot open new air routes to the US.

The FAA said that Mexico has made significant improvements in safety standards over the last few months but it couldn’t fully comply with all standards set by the International Civil Aviation Organization and was downgraded from a category 1 to a category 2 country.

The FAA is believed to have issued the downgrade largely due to concerns over the relatively small number of aviation inspectors the Mexican aviation authority employs to ensure safety minimums are being met.  Until the downgrade is lifted, Mexican airlines are prohibited from expanding their existing U.S. operations, and code-sharing between U.S. and Mexican airlines is discontinued.

If you have a current ticket for travel between Mexico and the United States, you should verify your travel plans with your travel agent or airline to ensure any necessary alterations are made.

Another airline with labor problems is Philippine Airlines.  25 of their pilots resigned with no notice last week, apparently due to having been made ‘offers they can’t refuse’ by other airlines – ie, salaries three times those offered by Philippine Airlines.

This caused the cancellation of a number of services, and the airline is threatening the pilots with civil and criminal charges if they don’t return to work within a week.

The Philippines aviation safety rating was downgraded by the FAA in early 2008.  Like Mexico, it is a category 2 country.

And talking about labor problems, a new alliance in the US comprising the Teamsters, Pilots and Transport Workers unions with membership apparently primarily in the Dallas area from employees of American and Southwest have formed a new lobbying alliance, to be known as the ‘American Aviation Labor Alliance’.

The new group says they will push issues on aviation safety and security.  This is one of the problems with regulating the airlines – it makes the regulators susceptible to pressure, variously from groups with vested interests and from other well-meaning but wrong groups (see my following article on the ridiculous six-fold growth in hours needed for a pilot to be allowed to fly a commercial plane).

Meanwhile, the US has now suffered a bit of a downgrade too.  We are no longer the world’s largest single aviation market.   We’re not even the world’s second largest.  According to figures compiled by the OAG, we are now the third largest.  Asia is now the largest, Europe the second, and North America the third.

Spirit’s new carry-on fee has now started to apply.  Can I point out, in the airline’s defense, that this carry-on fee is not as draconian as some people choose to misunderstand it as being.

If you take a medium sized bag onto the plane – one which you can stow under the seat in front of you – you can still do this for free.  It is only if you’re taking one of those oversized rollaboard type bags onto the plane – you know, the one that would never fit in a sizing template and which you need to get someone else to help you hoist up into the overhead – that you’ll be stuck with a $20+ fee.

So if you ‘must’ take a bag on board, either make it a reasonable sized one and do so for free, or be prepared to pay $20+ for the convenience.

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New Flight Connection between Asia and Europe Will Enable Customers to Better Compete in the Global Marketplace

Paris, France April 12, 2010 – FedEx Express

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