US - Northern Trust has completed its acquisition of hedge fund administrator Omnium from Chicago-based Citadel.
Northern Trust had announced its intention to acquire the firm, which has $70bn in assets under administration, on May 16, 2011 for an undisclosed sum. The business will be known as Northern Trust Hedge Fund Services and headed up by R. Peter Sanchez. (Global Pensions: 02 June 2011)
"We are very pleased to announce the completion of our acquisition of Omnium in order to create Northern Trust Hedge Fund Services," said Peter Cherecwich, 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 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," said Sanchez. "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."
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