US - Northern Trust has named R. Peter Sanchez as chief executive officer of Northern Trust Hedge Fund Services.
The appointment will follow the closure of Northern Trust's acquisition of hedge fund administrator Omnium, where Sanchez is currently global head of business development and client service. The deal is expected to close in July.
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.
"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 Northern Trust head of global fund services Peter Cherecwich.
"Clients will benefit from Peter's industry leadership and expertise and his commitment to maintain the superior service for which both firms have been recognised."
Northern Trust said the new division 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 custody products.
"I am excited to have the opportunity to lead Northern Trust Hedge Fund Services," said 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."
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