Northern Trust Enhances Digital Workflow Experience for Private Capital Fund Managers
Northern Trust (Nasdaq: NTRS) has announced a collaboration with Appian (Nasdaq: APPN) to enhance the net asset value (NAV) workflow for private capital fund managers. This partnership aims to create a secure digital experience, improving efficiency and data security across the NAV production lifecycle. The new digital portal will allow fund managers to communicate instructions, review documents, and approve actions, reducing reliance on email for sensitive communications. This initiative is part of Northern Trust's broader digital transformation strategy, Whole Office™. As of December 31, 2022, Northern Trust managed assets under administration of US$13.6 trillion.
- Collaboration with Appian improves NAV workflow communications.
- New digital portal enhances security and efficiency for fund managers.
- Reduces dependency on email, increasing transparency during document review.
- None.
Collaboration with Appian will Digitize Events Across the NAV Production Lifecycle
MCLEAN, Va., March 30, 2023 /PRNewswire/ -- Northern Trust (Nasdaq: NTRS) is enhancing the net asset value (NAV) workflow communications between private capital fund managers and Northern Trust through a collaboration with Appian (Nasdaq: APPN), a leading provider of low-code process automation solutions.
The solution is aimed at supporting private capital fund managers with a secure digital experience offering enhanced efficiency, oversight and data security across the NAV production lifecycle.
Stephen Thomas, head of finance at Coller Capital, said: "As one of the world's leading investors in secondary assets for private funds, we are committed to leveraging new technologies to enhance our operational processes. The deployment of this solution through our fund administrator, Northern Trust, will provide our Funds with increased levels of transparency, efficiency and security."
Clive Bellows, head of Global Fund Services, Europe Middle East and Africa, at Northern Trust, said: "Private capital fund managers are seeking a digitized experience, with greater security of information and oversight. This solution supports them in the creation, review and approval of information supporting the NAV production lifecycle. Utilizing the Appian platform will further enhance interactions with our specialist teams and provide real-time oversight."
The digital portal, powered by Appian, provides a single point of access for private capital fund managers to communicate instructions, review documents and provide approvals across the NAV process. Northern Trust has designed the workflows to reduce the dependency on email communications and support the delivery of sensitive documents, thereby increasing transparency and efficiency of the process.
Michael Heffner, vice president of Solutions and Industry Go to Market at Appian, said: "As private capital fund managers look to scale efficiently, they need full transparency into the work and communications being performed by their administrators. Through our collaboration with Northern Trust, we have jointly designed a solution to allow them to support their private capital fund managers through the efficient exchange of information and documents while mitigating data privacy risk by reducing email communications."
The development forms part of a wider alternative digital transformation plan under Northern Trust Whole Office™, a strategy that facilitates client access to services, solutions, and new technologies across the investment lifecycle. Northern Trust's private capital fund services business provides a range of solutions for asset managers including fund administration, global custody, depositary, and banking.
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 a global presence with offices in 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2022, Northern Trust had assets under custody/administration of US
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/terms-and-conditions.
About Appian
Appian is a software company that automates business processes. The Appian Platform includes everything you need to design, automate, and optimize even the most complex processes, from start to finish. The world's most innovative organizations trust Appian to improve their workflows, unify data, and optimize operations - resulting in better growth and superior customer experiences. For more information, visit www.appian.com. [Nasdaq: APPN]
Follow Appian: Twitter, LinkedIn.
View original content to download multimedia:https://www.prnewswire.com/news-releases/northern-trust-enhances-digital-workflow-experience-for-private-capital-fund-managers-301785222.html
SOURCE Appian
FAQ
What is the collaboration between Northern Trust and Appian focused on?
How will the new digital portal benefit private capital fund managers?
What is the significance of the Whole Office™ strategy for Northern Trust?
When was the announcement of the collaboration made?
What assets does Northern Trust manage as of December 31, 2022?
