Northern Trust Acquires Citadel Hedge-Fund Platform

In a move to gain greater control over the financial technology used to manage the Northern Trust hedge-fund business, NT is moving platform development in house. A team of software leaders and developers moves to NT as part of the deal, as well as the rights to develop the trading- and securities-management platform to meet its needs.

Northern Trust acquired Citadel’s Omnium hedge fund administration business in 2011. Technology development stayed with Citadel.

See Northern’s press release for details.