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Northern Trust To Acquire Technology and Software Development Resources From Citadel

Northern Trust Corporation announced today that it has reached an agreement with Citadel to bring Omnium technology development in-house – including a team of key development professionals as well as software development rights for its Omnium technology platform. The agreement gives Northern Trust greater control over technological enhancements. Additionally, the transaction enables deeper collaboration between Northern Trust’s operations professionals and the team of developers to provide innovative solutions for alternative fund managers, asset managers, institutional investors and family offices worldwide. Northern Trust acquired Citadel’s hedge fund administration business in 2011 and licensed their middle and back office investment technology. That business, now known as Northern...