Fintech firm to take control of Northern Trust blockchain platform

27 Jun, 2019
by Colin Hawkins
News
Fintech firm to take control of Northern Trust blockchain platform

The asset management firm based out of Chicago, Northern Trust, has announced that it has turned over its blockchain platform to Broadridge Financial Solutions, for further improvement, according to a press release on June 26.

Broadridge Financial Solutions is to take over Northern Trust’s blockchain based private equity management solution, in an effort to further improve and streamline the platform. Currently the platform automates certain tasks, relating to middle office functions. Broadridge plans to initially roll out “all PE funds domiciled in Guernsey and Delaware, including those administered by Northern Trust.”

The president of corporate and institutional services at Northern Trust, Pete Cherecwich, spoke on the company’s decision about handing off the private equity blockchain:

“For the benefit of our clients and the industry as a whole, it’s now time to hand over the reins to a technology provider with deep fintech expertise. Broadridge’s administrator-agnostic position, coupled with its DLT (distributed ledger technology) leadership and global footprint, make them an ideal firm to open up this innovative technology to the marketplace, paving the way for the digitization of the asset class.”

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