Citadel To Sell Hedge Fund Administrator To Northern Trust

Mar 25 2011 | 1:03pm ET

Citadel Investment Group is selling its hedge fund administration business.

The Chicago hedge fund giant has agreed to sell Omnium to another Windy City firm, hedge fund administrator Northern Trust Corp., Dow Jones Newswires reports. Terms of the deal were not disclosed.

Citadel has been distancing itself from its administration unit since 2009, when it renamed the former Citadel Solutions. The name change was reportedly the result of unhappy clients, both Citadel's and Citadel Solutions'. The former's apparently didn't want their hedge fund investments administered by the hedge fund itself, and the latter's balked at plastering Citadel's name all over their own fund documents.

Omnium administers about $70 billion in assets, all for larger hedge funds with major technology needs. Northern Trust has about $97 billion in assets under administration.


In Depth

Q&A: Reg A+ Will Transform the Alternative Asset Landscape

Jul 7 2015 | 4:03pm ET

In addition to easing capital formation for small companies, Regulation A+ has enormous...

Lifestyle

Fiat Chrysler Files Paperwork For Ferrari IPO

Jul 23 2015 | 5:05pm ET

Italian sportscar maker Ferrari has taken a step closer to a stock market listing...

Guest Contributor

6 Essential Principles To Balance Your Investment Risk

Jun 26 2015 | 10:07am ET

In this article, financial expert Greg Silberman explores how to hedge a private...

 

Editor's Note