Northern Trust Corp.
|Northern Trust Corp.|
|Key People||Chairman of the Board, Frederick H. Waddell; President of Personal Financial Services, Sherry S. Barrat|
|Products||Financial holdings, investment management, asset and fund aministration, fiduciary and banking services; distributed ledger trading technology|
|Website||Northern Trust Home|
|Blog||Northern Trust Company Blog|
Northern Trust Corp. is an investment management, asset and fund administration, fiduciary, and banking services provider. The company offers its services primarily to corporations, financial institutions, and individuals who hold large amounts of capital. It also features blockchain-based private equity fund administration services.
Blockchain-based capital calls
Northern Trust announced in 2017 that it had partnered with IBM to launch a blockchain-based private equity project. The project built its blockchain off of Hyperledger Fabric, a distributed ledger built by IBM, as well as a number of other companies. A press release on Northern Trust's website said the project was intended to create a method of private equity administration that is more efficient, secure, and transparent. The company won two U.S. patents for distributed ledger technology inventions in June 2018. In November, Northern Trust successfully processed its first live capital call using distributed ledger technology.
In June 2019, Northern Trust announced that it would transfer its blockchain platform to Broadridge Financial Solutions. Broadridge said it would continue developing the platform to improve its data and analytics tools.
In December 2020, Northern Trust announced that it had partnered with Standard Chartered to launch "Zodia," a digital asset custody service, in London in early 2021, pending regulatory approval. Zodia was designed using institutional-grade standards for risk management, and will facilitate both transaction and settlement for digital assets supported by it. According to the announcement, it will support bitcoin and Ethereum, later adding support for XRP, Litecoin, and Bitcoin Cash.
Full page on MarketsWiki
- Northern Trust Corporation. Linkedin.
- NORTHERN TRUST CONTINUES TO LEAD INNOVATION IN PRIVATE EQUITY BLOCKCHAIN SOLUTIONS. Northern Trust.
- NORTHERN TRUST AND IBM PIONEER USE OF BLOCKCHAIN TECHNOLOGY TO HELP TRANSFORM PRIVATE EQUITY ADMINISTRATION. Northern Trust.
- U.S. PATENTS GRANTED FOR ADVANCES IN BLOCKCHAIN DEPLOYMENT. Northern Trust.
- FIRST AUTOMATED CAPITAL CALL EXECUTED USING DISTRIBUTED LEDGER FOR EMERALD TECHNOLOGY VENTURES. Northern Trust.
- Northern Trust processes first DLT live capital call. Asset Servicing Times.
- Northern Trust transfers PE blockchain to Broadridge. Finextra.
- Northern Trust and Standard Chartered partner on crypto custody for institutional investors. The Trade.