Northern Trust has successfully closed its acquisition of Omnium LLC from Chicago-based Citadel LLC. Northern Trust had announced its intention to acquire the hedge fund administrator with approximately USD70 billion in assets under administration on May 16, 2011, subject to applicable regulatory approvals and other customary closing conditions.
Supported by Northern Trust’s global presence, asset servicing capabilities and financial strength, Omnium’s expert staff will utilise market leading technology as part of Northern Trust’s Corporate & Institutional Services business unit. Services will be provided as Northern Trust Hedge Fund Services LLC.
"We are very pleased to announce the completion of our acquisition of Omnium in order to create Northern Trust Hedge Fund Services," says Peter Cherecwich (pictured), head of Global Fund Services at Northern Trust. "We look forward to our continued work with asset managers and institutional investors who demand outstanding performance, technology and service from their administrator."
The business will provide comprehensive middle office and administration services including trade processing, valuation, real-time reporting, cash management, accounting, collateral management and investor servicing.
"Northern Trust Hedge Fund Services represents a powerful combination of world-class, scalable technology and dedicated expertise," says Peter Sanchez, CEO of Northern Trust Hedge Fund Services. "Hedge funds and large institutional investors with complex portfolios will gain a new partner offering the best in hedge fund administration expertise along with Northern Trust’s robust global custody capabilities and highly respected client focus."
