Wealth management provider Northern Trust has announced it is transferring its blockchain-based platform to Broadridge, which will continue to develop it. The platform offers private equity asset servicing.
Northern Trust first launched its blockchain solution in 2017. The platform helps streamline capital call process, audit of PE lifecycle events, and deploy smart contracts. Broadridge is planning to add new capabilities to the platform, including data and analytics tools, enabling PE companies and investors to communicate and engage more easily.
“The alternatives/PE marketplace is expanding rapidly, and the technology needs of this evolving marketplace are underserved,” said Eric Bernstein, Broadridge’s head of asset management solutions. “Broadridge’s unique position as a network enabler, and successful record in utilizing blockchain technology, will allow us to help transform the private equity industry.”
The blockchain solutions will be first available to Guernsey and Delaware-based PE funds. This includes Northern Trust’s PE clients.