Friday, 1 July 2016
Last updated 2 hours ago
Aug 1 2011 | 1:24pm ET
Northern Trust Corp. on Friday completed its acquisition of Citadel Investment Group's hedge fund administration business, creating a firm with some $170 billion in assets under administration.
Citadel agreed to sell the business, the former Citadel Solutions redubbed Omnium, in March. The group will now be part of Chicago-based Northern Trust's Hedge Fund Services business.
"We are very pleased to announce the completion of our acquisition of Omnium in order to create Northern Trust Hedge Fund Services," Peter Cherecwich, head of global fund services, said. "We look forward to our continued work with asset managers and institutional investors who demand outstanding performance, technology and service from their administrator."
Terms of the deal were not disclosed, but Crain's Chicago Business reports that Northern Trust paid $100 million for Omnium.
Omnium's roughly 200 employees now work under the Northern Trust banner. Northern Trust Hedge Fund Services is headed by R. Peter Sanchez, formerly global head of business development and client services at Omnium.
"Northern Trust Hedge Fund Services represents a powerful combination of world-class, scalable technology and dedicated expertise," Sanchez said. "Hedge funds and large institutional investors with complex portfolios will gain a new partner offering the best in hedge fund administration expertise along with Northern Trust's robust global custody capabilities and highly respected client focus."