Northern Trust to transfer PE blockchain platform to Broadridge
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Northern Trust to transfer PE blockchain platform to Broadridge 26 June 2019London Reporter: Rebecca Delaney
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Northern Trust has selected Broadridge to transfer its distributed ledger technology (DLT) for private equity asset servicing.
This will allow Broadridge to expand the existing solution in a move towards developing an industry-spanning private equity blockchain platform for management, communication and engagement.
Modifications to the solution will be specialised in improving market efficiency and providing real business value.
The amended platform will allow private equity firms, initially only those residing in Guernsey and Delaware, to strengthen their capital and cash flow management.
Eric Bernstein, head of asset management solutions at Broadridge, commented: “The alternatives/private equity marketplace is expanding rapidly, and the technology needs of this evolving marketplace are underserved.”
He continued: “Broadridge’s unique position as a network enabler, and successful record in utilising blockchain technology, will allow us to help transform the private equity industry.”
Pete Cherecwich, president of corporate and institutional services at Northern Trust, added: “Northern Trust pioneered the development of blockchain technology that supports the complex private equity lifecycle. For the benefit of our clients and the industry as a whole, it’s now time to hand over the reins to a technology provider with deep fintech expertise.”
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