Hedge fund administrator Northern Trust has named an executive at Citadel Investment Group's administration business to head a new business unit.
R. Peter Sanchez will serve as CEO of Northern Trust Hedge Fund Services, Northern Trust said. The new division of the firm's global fund services business will offer world-class, scalable technology and dedicated expertise to serve hedge funds and large institutional investors with complex portfolios, including administrative and middle-office services.
NTHFS will be born of Northern Trust's acquisition of the Citadel administrator, Omnium, where Sanchez is current global head of business development and client service.
"Peter’s leadership of Northern Trust Hedge Fund Services will provide continuity for clients as we combine Omnium’s highly regarded hedge fund services with Northern Trust’s global custody and fund administration capabilities in markets around the world," Peter Cherecwich, head of global fund services at Northern Trust, said.