Broadridge enhances Private Market Hub 07 September 2022US Reporter: Lucy Carter
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Broadridge has released a multi-jurisdictional version of Private Market Hub, its private equity platform.
Initially operational for funds domiciled in Guernsey, the solution is now available to US clients. Northern Trust is the first company to use the US platform for its clients.
Private Market Hub is the first multi-tenant enabled platform for the private equity market, and allows users to service funds across multiple jurisdictions. Maintaining and protecting data, the solution uses distributed ledger technology and blockchain to automate front-, middle-, and back-office functioning.
Market participants are given a real-time view of data, easing the challenges faced by asset managers with funds in multiple geographies. Funds can communicate more efficiently with investors and stakeholders, and data will be easier to audit, Broadridge says.
Mike Sleightholme, president of asset management solutions at Broadridge, comments: “This comes at a time of explosive growth in the US, with private equity fundraising tipping US$400 billion and assets under management at an all-time high of $2.9 trillion.
“This latest set of enhancements is a first for the industry. It creates workflow and operational efficiencies for both US and multi-jurisdictional funds, giving them the ability to standardise processes and data across jurisdictions, avoiding disparate silos of client data.”
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