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Northern Trust acquires Omnium

Northern Trust has announced that it has successfully closed the acquisition of Omnium LLC from Chicago-based Citadel LLC.

Omnium is a leading hedge fund manager with roughly $70bn in assets under management, and formally became a target for Northern Trust when the latter firm announced its intention to acquire Omnium on 16 May.

Peter Cherecwich, head of Global Fund Services at Northern Trust, said that the firm was very pleased to be able to announce the successful acquisition, with the business continuing to provide a comprehensive range of middle office and administration services.

Peter Sanchez, CEO of Northern Trust Hedge Fund Services, said that Northern Trust Hedge Fund Services offered a powerful combination of scalable technology and dedicated expertise.

In May, when the intended acquisition was first announced Chairman and Chief Executive Officer Frederick H. Waddell described it as combining the best in hedge fund expertise with the robust global custody capabilities Northern Trust could provide.

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