Monday, 26 September 2016
Last updated 22 min ago
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.