Northern Trust announced an agreement with Citadel to bring Omnium technology development in-house, including a team of key development professionals as well as software development rights for its Omnium technology platform.
The agreement gives Northern Trust greater control over technological enhancements. Additionally, the transaction enables deeper collaboration between Northern Trust’s operations professionals and the team of developers to provide innovative solutions for alternative fund managers, asset managers, institutional investors and family offices worldwide.
Northern Trust acquired Citadel’s hedge fund administration business (Omnium) in 2011 and licensed their middle and back office investment technology. That business, now known as Northern Trust Hedge Fund Services, has grown from $70 billion in AuA to more than $350 billion in AuA, across more than 130 clients.
Northern Trust will continue to provide middle office and fund administration services for Citadel’s funds. The transaction is expected to close in the first half of 2018, subject to conditions.