Northern Trust said it plans to acquire technology-driven hedge fund administration firm Omnium from Citadel, the large Chicago asset manager and market-making firm.

Omnium has about $30 billion of hedge fund assets under its administration and $40 billion from other financial institutions. The firm relies on software delivered online to provide administrative services that are intended to allow clients to trade in stocks, bonds or any other asset class at any time, at any market in the world.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.