Northern Trust to buy Omnium
Northern Trust has agreed to buy Omnium LLC, the fund administration business of Citadel.
It follows a number mergers and acquisitions within the fund administration industry around the world, as funds increasingly want to see their service providers a larger in scale and with a greater infrastructure than previously expected.
Omnium provides technology-driven administration to funds with assets over $500 million, and has about $70 billion in assets under administration.
Neither firm was prepared to comment on the acquisition.