CHICAGO--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) announced today the successful closing of its acquisition of Omnium LLC from Chicago-based Citadel LLC.
Northern Trust had announced its intention to acquire the leading hedge fund administrator with approximately $70 billion in assets under administration on May 16, 2011, subject to applicable regulatory approvals and other customary closing conditions.
Supported by Northern Trust's global presence, asset servicing capabilities and financial strength, Omnium’s expert staff will utilize market leading technology as part of Northern Trust's Corporate & Institutional Services business unit. Services will be provided as Northern Trust Hedge Fund Services LLC.
“We are very pleased to announce the completion of our acquisition of Omnium in order to create Northern Trust Hedge Fund Services,” said Peter Cherecwich, head of Global Fund Services at Northern Trust. “We look forward to our continued work with asset managers and institutional investors who demand outstanding performance, technology and service from their administrator.”
The business will provide comprehensive middle office and administration services including trade processing, valuation, real-time reporting, cash management, accounting, collateral management and investor servicing.
“Northern Trust Hedge Fund Services represents a powerful combination of world-class, scalable technology and dedicated expertise,” said Peter Sanchez, CEO of Northern Trust Hedge Fund Services. “Hedge funds and large institutional investors with complex portfolios will gain a new partner offering the best in hedge fund administration expertise along with Northern Trust's robust global custody capabilities and highly respected client focus.”
Northern Trust is one of the world's leading asset servicing providers, offering global expertise and local specialist services to investment managers and institutional investors in over 40 countries. Northern Trust's Corporate & Institutional Services business unit is a leading global provider of asset servicing, asset management, and related services to fund managers, sovereign wealth funds, pension funds, foundations, endowments, insurance companies and government funds. Its Global Fund Services business offers a broad array of middle- and back-office solutions customized to meet the needs of investment managers and fund sponsors, allowing clients to build services around their needs while providing the strength and scalability of one of the world's leading financial institutions.
Since its establishment in 2007 by Citadel LLC, Omnium has provided innovative, technology-driven hedge fund administration services including industry-leading capabilities around middle-office support, transparent access to data allowing real-time monitoring, and support for high volume and highly complex investment strategies.
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 June 30, 2011, Northern Trust had assets under custody of US$4.4 trillion, and assets under investment management of US$684.1 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 www.northerntrust.com.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S.
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- 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.
- 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 Netherlands Branch which is authorised and regulated in the Netherlands by De Nederlandsche Bank.
- 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 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 Services Ltd (UK) Sweden Filial is Authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen.
- 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 Limited operates in Abu Dhabi as a Representative Office, Licence number 13/238/2008 which is authorised and regulated by the Central Bank of the United Arab Emirates.
- The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized 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 authorized 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.
- Northern Trust operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority and the Australian Securities & Investments Commission (AFS Licence No: 314970).
- The Northern Trust Company of Hong Kong Limited is a securities company regulated by the Securities and Futures Commission.
- 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 has a branch in China regulated by the China Banking Regulatory Commission.
- Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency.