Northern Trust to Acquire Omnium from Citadel
16 May 2011 Chicago
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Northern Trust has reached an agreement to acquire Omnium LLC, a leading hedge fund administrator with approximately $70 billion in assets under administration.
The acquisition, subject to applicable regulatory approvals and other customary closing conditions, is anticipated to close in the third quarter of 2011.
Omnium’s staff will utilise market leading technology and be integrated into Northern Trust’s Corporate & Institutional Services business unit as Northern Trust Hedge Fund Services, LLC.
Northern Trust Hedge Fund Services will offer world-class, scalable technology and dedicated expertise to serve hedge funds and large institutional investors with complex portfolios. The business will provide comprehensive administrative and middle office services including trade processing, valuation, real-time reporting, cash management, accounting, collateral management and investor servicing.
“In today’s markets, asset managers and institutional investors demand high performance, greater transparency, and outstanding technology from their administrator,” Northern Trust chairman and chief executive officer Frederick H. Waddell said. “This acquisition brings together the best in hedge fund administration expertise, along with Northern Trust’s robust global custody capabilities and our highly respected client focus. The result is a unique opportunity to scale a world-class business.”
The acquisition, subject to applicable regulatory approvals and other customary closing conditions, is anticipated to close in the third quarter of 2011.
Omnium’s staff will utilise market leading technology and be integrated into Northern Trust’s Corporate & Institutional Services business unit as Northern Trust Hedge Fund Services, LLC.
Northern Trust Hedge Fund Services will offer world-class, scalable technology and dedicated expertise to serve hedge funds and large institutional investors with complex portfolios. The business will provide comprehensive administrative and middle office services including trade processing, valuation, real-time reporting, cash management, accounting, collateral management and investor servicing.
“In today’s markets, asset managers and institutional investors demand high performance, greater transparency, and outstanding technology from their administrator,” Northern Trust chairman and chief executive officer Frederick H. Waddell said. “This acquisition brings together the best in hedge fund administration expertise, along with Northern Trust’s robust global custody capabilities and our highly respected client focus. The result is a unique opportunity to scale a world-class business.”
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