Northern Trust has reached an agreement to use Citadel’s software solution, Omnium, in-house.
Northern Trust acquired Citadel’s hedge fund administration business, Omnium back in 2011 and licensed their middle and back office investment technology.
Though, Citadel has now agreed to give Northern Trust an undisclosed number of development staff, as well as software development rights for Omnium.
According to Northern Trust, the agreement will enable deeper collaboration between Northern Trust’s operations professionals and its team of developers to provide solutions for alternative fund managers, asset managers and institutional investors.
It will also give Northern Trust greater control over its technological enhancements.
Peter Cherecwich, president of Northern Trust corporate and institutional services, said: “We are excited to have the opportunity to bring this technology development team to Northern Trust.”
“Their deep expertise has been a key contributor to our growth, and has been critical to our success in delivering solutions to our clients – which are among the world’s most sophisticated asset managers and institutional investors”.
Gerald Beeson, COO of Citadel, commented: “This change in our technology relationship with Northern Trust will enable each organisation to better focus on their core strategies as both firms continue to experience significant growth.”
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