Today Northern Trust
announced that it’s transferring its
private equity administration blockchain to Broadridge which will continue to develop it. By Broadridge taking it over, the platform will be available to the entire industry as opposed to just Northern Trust’s clients.
“Northern Trust pioneered the development of blockchain technology that supports the complex PE lifecycle. The platform delivers real-time insight and transparency to all parties, including fund managers, investors and auditors, and enables regulatory access when required,” said Pete Cherecwich, President of Corporate & Institutional Services, Northern Trust.
“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 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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