Northern Trust Partners with Parilux to Launch Holistic Investment Data Management Solution for Institutional Investors
CHICAGO - Northern Trust Corporation (Nasdaq: NTRS) announced today it has reached an agreement to invest in Parilux Investment Technology, LLC, a key step in the development of its Front Office Solutions business designed to meet the operational and technology needs of in-house investment teams managing complex, global multi-asset class portfolios.
Parilux's market-leading software will power an integrated data management platform that delivers an exceptional range of information and functionality – including investment book of record (IBOR), accounting and risk analytics for alternative assets, as well as performance reporting and document management – for investment teams of endowments, foundations, corporations, family offices and other sophisticated asset owners focused on asset allocation and manager selection.
"This investment is a strategic partnership for Northern Trust and a sign of our commitment to technology innovation that enables investment transparency for global asset owners," said Pete Cherecwich, President of Northern Trust Corporate & Institutional Services. "Our goal is to simplify the lives of institutional investors by providing a shared digital and service platform that integrates data into one system, streamlines operations, enables smarter investment decisions and facilitates better communication and information sharing across teams."
Front Office Solutions will combine Parilux's software with a proprietary and newly designed cloud-based web and mobile interface. In addition, Northern Trust will bring high-quality operational expertise and service to deliver innovative new capabilities across data aggregation, data enhancement and data analytics supporting clients in their informed decision-making and investment execution.
Front Office Solutions is led by Melanie Pickett, who joined Northern Trust in 2017 from Emory Investment Management, one of the top 20 endowment investment programs in the United States. Pickett has nearly 20 years of experience in a variety of senior operations and technology roles at both Emory and Morgan Stanley, and is a founding Advisory Board member for the Investment Management Due Diligence Association (IMDDA).
"As asset owners engage in more complex, data-driven approaches to asset allocation, their operational needs and demands for high quality data have skyrocketed," Pickett said. "By providing a holistic, full-service solution that delivers a more comprehensive set of operational services and analytics, Front Office Solutions aims to empower in-house investment teams and support their important mission."
Mark D'Andrea, Managing Partner and CEO of Parilux, said: "We are excited to be partnering with Northern Trust in this next chapter of our growth. Our technology is a holistic solution, built to serve the demanding needs of both the investment professionals and the operations staff of asset allocators. Our system supports complex asset allocation decisions in a true multi-currency and multi-asset class offering. Northern Trust's innovative solution will combine our superior data model and analytics with flexible, client centric reporting and data visualizations in a full service solution for institutional investors and family offices."
Northern Trust's asset servicing business provides highly specialized and innovative solutions for some of the most sophisticated institutional investors across the globe, including foundations, endowments, pension funds, corporations, insurance companies, central banks and sovereign wealth funds, as well as global investment managers, and fiduciary managers. Its client base and asset class capabilities span traditional funds, hedge funds, fund-of-funds, tax-transparent funds, exchange traded funds, private equity, real estate, and infrastructure.
This release includes forward-looking statements concerning an arrangement between Northern Trust and a software company, Parilux Investment Technology, LLC, to develop Northern Trust's Front Office Solutions platform, including certain statements related to future results and intentions, and expectations regarding the impact of such arrangement on Northern Trust and the capabilities of its platform. The statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those in the forward-looking statements: the performance of the software; applicable market and industry conditions; changes in laws and regulations; and other risks identified in Northern Trust's most recent filing on Form 10-K and other SEC filings, all of which are available on its website. Northern Trust does not undertake to update its forward-looking statements.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2018, Northern Trust had assets under custody/administration of US$10.7 trillion, and assets under management of US$1.1 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures.