Since its acquisition of fund administrator Omnium in July last year, Northern Trust has added 22 new clients in four continents spanning long/short equity, credit, fund of hedge fund and global macro investment strategies, multi-strategy firms and sovereign wealth funds, the firm says.
Northern Trust Hedge Fund Services now has $170 billion in hedge fund assets under administration. The firm provides middle-office and administration services including trade processing, valuation, real-time reporting, cash management, accounting, collateral management and investor servicing.
Northern Trust also bought the Bank of Ireland Securities Services (BoISS) business last year, in February, for around 60 million, adding a client base of Dublin-domiciled funds to its roster. The combination of Northern Trusts existing fund administration business, Omnium and BoISS resulted in what is now known at Northern Trust Hedge Fund Services. Omnium was the fund administration branch of hedge fund manager Citadel, which had $70 billion in assets under administration at the time Northern Trust bought it for a purported $100 million.
For more on the acquisitions, see Northern Trust goes shopping, Global Custodian, Fall 2011.
What makes these wins particularly satisfying is that they come as a result of the collective and coordinated effort of our teams, leveraging all of Northern Trusts capabilities around the world, said Steven L. Fradkin, President of Corporate & Institutional Services at Northern Trust.
Peter Sanchez, CEO of Northern Trust Hedge Fund Services, says Northern Trust has a unique offering due to its technology, global expertise, asset servicing capabilities and financial strength.
(CG)