Northern Trust has launched a new web-based workflow tool designed to provide asset managers and asset owners with a consolidated view of corporate action and dividend events affecting fund portfolios.
Omnium Event Manager was designed to enable Northern Trust’s clients to coordinate with brokers and custodians to respond effectively to the voluntary events.
The Chicago-headquartered custodian said that Event Manager will replace the manual workflow of monitoring and responding to corporate actions with a platform that includes tools for capture of event and position data, notifications and deadline publishing, and communication with counterparties.
It believes the solution will reduce the time, energy and potential risk that accompanies the gathering of information and communicating across multiple web portals to connect with various counterparties.
“The asset servicing industry has struggled to achieve straight-through processing of corporate actions. Managers have traditionally had to manually monitor the effect of corporate actions on their portfolios,” said Dan Houlihan, head of asset servicing, Americas at Northern Trust. “By digitising this process on Omnium, our middle- and back-office technology platform, we’re empowering asset managers to further automate their middle-office operations.”
Northern Trust’s Omnium provides administration and middle-office services for alternative fund managers and institutional investors with complex portfolios.
The Event Manager platform leverages global Omnium services to promote real-time positions, referential data, event details, and workflow and SWIFT messaging integration.
Northern Trust has been strongly prioritising data and analytics offerings for its asset manager and asset owner clients in recent years, highlighted by its new front-to-back Whole Office product launched in 2020.
The moves have culminated in a range of mandate wins, with deals coming in 2021 from Fundsmith, Osmosis, and Westwood Holdings.