Northern Trust has added financial statement creation to its fund services technology offering through a partnership with risk and compliance vendor Donnelley Financial Solutions.
Northern Trust will utilise Donnelley’s ArcReporing service to automate the creation, review and output of financial statements for hedge funds, private equity managers and large institutional investors.
The ArcReporting software solution is designed to manage the increasing challenges with producing financial reports. The solution also includes enhanced systematic controls such as consistency validations across multiple sets of financial statements, audit tails for changes and version controls.
“With Donnelley Financial Solutions’ ArcReporting, we are able to automate financial reporting for our clients. This provides us a more controlled process and enables our clients to further focus their attention on content specific aspects of financial reporting,” said Jeff Boyd, head of Northern Trust Hedge Fund Services.
The partnership is the latest for Northern Trust’s hedge fund services business as it looks to enhance its technology capabilities. Earlier this year, it agreed to bring hedge fund giant Citadel’s Omnium software development team in-house.
The Chicago-based custodian stated the transaction would enable deeper collaboration between its operations business and the team of developers to provide solutions for hedge fund managers, asset managers, institutional investors and family offices.