Tuesday, 21 April 2015
Last updated 5 hours ago
May 16 2011 | 1:02pm ET
Northern Trust Corp. has finalized its deal to acquire Citadel Investment Group's hedge fund administration business.
The Chicago-based firm will pay $100 million for Omnium, Crain's Chicago Business reports. Omnium's roughly 200 employees will join Northern Trust, taking $70 billion in assets under administration with them. Northern Trust currently has about $100 billion in assets.
Northern Trust's acquisition of Omnium first emerged in March; the firm said the deal, whose terms were officially not disclosed, would close in the third quarter.
"In today's markets, asset managers and institutional investors demand high performance, greater transparency and outstanding technology from their administration," Northern Trust 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."
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
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…