CHICAGO--(BUSINESS WIRE)--Northern Trust Corporation announced today that it has completed the previously announced agreement with Citadel to bring Omnium® technology development in-house – including a team of key development professionals as well as software development rights for its Omnium® technology platform.
“We are excited to have this technology development team at Northern Trust,” said Peter Cherecwich, president of Northern Trust Corporate & Institutional Services. “Their deep expertise has been a key contributor to our growth, and has been critical to our success in delivering solutions to our clients – which are among the world’s most sophisticated asset managers and institutional investors.”
The agreement gives Northern Trust greater control over technological enhancements. Additionally, the transaction enables deeper collaboration between Northern Trust’s operations professionals and the team of developers to provide innovative solutions for alternative fund managers, asset managers, institutional investors and family offices worldwide.
Northern Trust acquired Citadel’s hedge fund administration business (Omnium®) in 2011 and licensed their middle and back office investment technology. That business, now known as Northern Trust Hedge Fund Services, has grown from $70 billion in assets under administration to more than $400 billion in assets under administration, across more than 130 clients. Northern Trust Hedge Fund Services has approximately 1,300 employees worldwide.
Northern Trust will continue to provide middle office and fund administration services for Citadel’s funds.
Peter Sanchez, Head of North America Alternative Fund Services, said, “We see significant benefits to integrating this technology team’s formidable talent with our expert operations. This integrated partnership will help us build on our record of innovation and client service.”
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2018, Northern Trust had assets under custody/administration of US$10.8 trillion, and assets under management of US$1.2 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures.