Northern Trust has named R. Peter Sanchez as chief executive officer of Northern Trust Hedge Fund Services LLC upon the closing of Northern Trust's acquisition of Omnium LLC. Sanchez currently is global head of business development and client service for Omnium and has more than two decades of experience as an executive in capital markets and complex operational businesses.
"Peter's leadership of Northern Trust Hedge Fund Services will provide continuity for clients as we combine Omnium's highly regarded hedge fund services with Northern Trust's global custody and fund administration capabilities in markets around the world," said Peter Cherecwich, head of Global Fund Services at Northern Trust. "Clients will benefit from Peter's industry leadership and expertise and his commitment to maintain the superior service for which both firms have been recognized."
Northern Trust Hedge Fund Services will operate as a division of Northern Trust's Global Fund Services business following the acquisition of Omnium from Chicago-based Citadel LLC. The acquisition is expected to close in the third quarter of 2011. 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, all linked with Northern Trust's premier custody products.
As global head of business development and client service for Omnium, Sanchez led a strong increase in new clients and assets under administration since July 2010. Prior to Omnium, he held roles as chief executive officer for OpHedge Investment Services and as head of capital markets and prime broker operations at Royal Bank of Canada.
"I am excited to have the opportunity to lead Northern Trust Hedge Fund Services," said Peter Sanchez. "The integration of Omnium's specialized capabilities with Northern Trust's global operations and technology platform will provide an exceptionally attractive offering for hedge funds and institutional investors looking for greater transparency, accountability and efficiency by outsourcing middle and back office functions."
