The acquisition, which is subject to applicable regulatory approvals and other customary closing conditions, is anticipated to close in the third quarter of 2011.
Established in 2007 by Citadel, Omnium provides technology-driven hedge fund administration services. Omnium is headquartered in Chicago, with operations in New York, Hong Kong and Bermuda.
Northern Trust chairman and CEO Frederick Waddell said this acquisition brings together the best in hedge fund administration expertise, along with Northern Trust’s robust global custody capabilities and our highly respected client focus. The result is a unique opportunity to scale a world-class business.
Northern Trust Corporate & Institutional Services president Steven Fradkin said the hedge fund industry has changed rapidly in the past five years, driving the need for increasingly sophisticated solutions.
"Northern Trust Hedge Fund Services will help clients in a wide variety of asset classes that require a high level of automation and expert operational support and effective risk management," Fradkin said.