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Asset Servicing | February 18, 2026

Road to Total Portfolio View

Integrating ABOR and IBOR

 

Written by Greg Johnson, Specialist Product Manager, Northern Trust and Bruce Russell, Global Head of Asset Owners, Alpha FMC.

In today’s investment landscape, asset owners are confronted with unprecedented complexity. Portfolios now span a wide array of asset classes, geographies, and investment strategies, each with its own set of risks, reporting requirements, and operational challenges.

As the industry evolves, the pursuit of a total portfolio view (TPV) has emerged as a north star. TPV represents a unified perspective that encompasses both public and private assets, enabling asset owners to make more informed decisions, manage risk proactively, and allocate resources strategically.

However, the journey toward TPV is far from straightforward. It requires not only technological innovation but also a fundamental shift in how data is managed and leveraged across organizations. One of the most impactful steps on this journey is the integration of the accounting book of record (ABOR) with the investment book of record (IBOR), which together provide the foundation for enhanced portfolio transparency and control.

Achieving a Total Portfolio View is a top technology and data priority for asset owners. Moving towards a total portfolio approach will further exacerbate this need and cements the role of the ABOR and IBOR as fundamental building blocks to achieve a reliable total portfolio view.

- Bruce Russell, Global Head of Asset Owners, Alpha FMC

Why pursuing TPV matters

The value of TPV lies in its ability to break down traditional silos within investment organizations. Historically, asset owners have managed liquid and illiquid investments separately, often relying on disparate systems and processes. This fragmentation can obscure exposures, hinder performance analysis, and slow down decision-making. A true TPV would bridge these gaps by offering a holistic view of the entire portfolio, regardless of asset type or location. With TPV, asset owners gain clarity on their true exposures and performance drivers, which is essential for effective risk management and strategic planning.

Moreover, data has become a strategic asset in its own right. The ability to harness and analyze data across the investment lifecycle—from pre-commitment analysis to ongoing monitoring—can unlock powerful insights. For example, TPV would enable organizations to identify correlations between asset classes, spot emerging risks, and evaluate the impact of market events in real time. In an environment defined by volatility and rapid change, having access to consolidated, actionable intelligence supports faster and more confident decision-making. Armed with this intelligence, asset owners can respond to market shifts, rebalance portfolios, and seize opportunities with agility that would be impossible in a fragmented data environment.

Data is one of the most valuable assets in an investment organization. Unifying ABOR and IBOR turns that data into insight, which drives faster decisions, deeper analysis and stronger outcomes on the road to building a true total portfolio view as an asset owner.

- Greg Johnson, Specialist Product Manager, Northern Trust

The role of ABOR and IBOR

Central to the realization of TPV are two critical platforms: the accounting book of record (ABOR) and the investment book of record (IBOR). Each plays a distinct but complementary role in the investment process.

ABOR serves as the official source for positions, valuations, and financial reporting. It is designed to provide the foundation for statutory and regulatory reporting as well as performance measurement. ABOR systems are typically built for accuracy and reliability, supporting the rigorous demands of audit and oversight. For example, ABOR is used to produce official statements, calculate net asset values, and fulfill regulatory filings.

IBOR, on the other hand, offers a more timely, investment-centric view that is critical for investment activities such as asset allocation, risk management, and active portfolio management. Unlike ABOR, which may operate on a daily or even less frequent cycle, IBOR systems are designed to deliver insight on positions, cash balances, and exposures in a way that is meaningful to the investment team. This enables portfolio managers to act quickly, analyze performance and risk in real time, and implement dynamic investment strategies. IBOR reduces the latency inherent in ABOR-only models, supporting the needs of organizations that must respond rapidly to market developments.

Together, ABOR and IBOR can form a dual-track model. ABOR supports official accounting and regulatory functions, while IBOR supports investment decisions and operational agility. Reconciliation between the two systems is essential to maintain governance, ensure data integrity, and build confidence among stakeholders.

Embracing ABOR and IBOR on the road to TPV

Data gleaned from both ABOR and IBOR is a cornerstone of the TPV journey. Armed with the detailed information available through both ABOR and IBOR, asset owners can achieve a comprehensive view across all holdings.

For example, consider an asset owner managing a portfolio that includes both publicly traded securities and private equity investments. ABOR provides the official valuations and reporting needed for regulatory compliance, while IBOR delivers real-time data on market movements, liquidity, and risk exposures. With both of these data sets, the asset owner can analyze the impact of market events on both public and private holdings, assess liquidity needs, and make informed decisions about rebalancing or capital calls.

Enhanced analytics powered by IBOR data allow asset owners to understand liquidity, risk concentrations, and performance attribution at a granular level. This capability is especially valuable in complex portfolios where exposures may be spread across multiple asset classes and geographies. For instance, IBOR can help identify concentrations of risk in specific sectors or regions, enabling proactive management and mitigation.

Operational efficiency is another key benefit of ABOR-IBOR insight. Streamlined access to insights can help reduce errors, free up resources for more strategic tasks, and improve overall productivity. Organizations can focus less on manual data management and more on value-added activities such as scenario analysis, stress testing, and strategic planning.

Looking ahead at a TPV future

The future of TPV will be shaped by advances in technology and artificial intelligence. Emerging tools promise to further optimize data management and analytics, enabling predictive insights and sophisticated scenario modeling. For example, AI-driven platforms can analyze vast amounts of portfolio data, identify patterns, and generate actionable recommendations in real time. These capabilities will empower asset owners to anticipate market trends, evaluate the impact of potential events, and make more informed decisions.

Achieving a TPV mindset also requires a cultural shift within organizations. Education and buy-in are essential, particularly around the intentional differences between ABOR and IBOR. Stakeholders must understand the unique value each system brings and how their integration supports broader organizational goals. This may involve rethinking traditional roles, investing in training, and fostering a culture of collaboration across departments.

Integrating the precision of ABOR with the real-time intelligence of IBOR unlocks deeper insights into portfolio dynamics. Asset owners are empowered to respond swiftly to market changes, make informed decisions, and manage complexity with greater confidence. As the industry continues its journey toward a total portfolio view, leveraging both accounting and investment perspectives will be essential for achieving transparency, agility, and long-term success. The road to TPV is challenging, but with the right systems, processes, and mindset, asset owners can position themselves for sustained growth and resilience in an ever-evolving market.

© 2026 Northern Trust Corporation. Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A. Incorporated with limited liability as an Illinois corporation under number 0014019. Products and services provided by subsidiaries of Northern Trust Corporation may vary in different markets and are offered in accordance with local regulation. This material is directed to professional clients (or equivalent) only and is not intended for retail clients and should not be relied upon by any other persons. This information is provided for informational purposes only and does not constitute marketing material. The contents of this communication should not be construed as a recommendation, solicitation or offer to buy, sell or procure any securities or related financial products or to enter into an investment, service or product agreement in any jurisdiction in which such solicitation is unlawful or to any person to whom it is unlawful. This communication does not constitute investment advice, does not constitute a personal recommendation and has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. Moreover, it neither constitutes an offer to enter into an investment, service or product agreement with the recipient of this document nor the invitation to respond to it by making an offer to enter into an investment, service or product agreement. For Asia-Pacific markets, this communication is directed to expert, institutional, professional and wholesale clients or investors only and should not be relied upon by retail clients or investors. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures. The views, thoughts, and opinions expressed in the text belong solely to the author, and not necessarily to the author's employer, organization, committee or other group or individual.

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