Northern Trust has wrapped up the acquisition of software development rights of Omnium technology platform from hedge fund manager Citadel.
The deal, whose financial terms were not disclosed, was first announced in January 2018. A team of key development professionals will join Northern Trust as part of the deal.
Through the deal, Northern Trust aims to gain more control over technological enhancements as well as improve collaboration between its operations professionals and developers.
Meanwhile, the asset manager will continue to offer middle office and fund administration services for Citadel funds.
Northern Trust corporate and institutional services president Peter Cherecwich said: “We are excited to have this technology development team at 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.”
Northern Trust took over Omnium, previously the hedge fund administration arm of Citadel, in 2011.
The asset manager then licensed Omnion’s middle and back office investment technology and renamed the firm to Northern Trust Hedge Fund Services, which now manages over $400bn in assets and employs around 1,300 staff.