Northern Trust Enhances Onboarding Journey for Investors in Private Capital Funds

Rhea-AI Summary

Northern Trust is enhancing investor onboarding for private capital funds through a collaboration with Fenergo. This partnership aims to streamline compliance processes including KYC and AML through a digital portal, reducing manual tasks. The initiative responds to industry pressures for greater efficiency and oversight. As of March 31, 2022, Northern Trust managed $1.5 trillion in assets, emphasizing its leadership in wealth management and asset servicing. This digital transformation is part of the broader Whole Office™ strategy.

Positive

• Collaboration with Fenergo to enhance investor onboarding and compliance efficiency.
• Implementation of a digital portal for streamlined KYC and AML processes.
• Supports a broader digital transformation strategy (Whole Office™).

Negative

• None.

Agreement with Fenergo Accelerates Fund Managers’ Speed-to-Market and Drives Efficiencies Across the Investor Lifecycle

LONDON--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) is looking to enhance the onboarding process for investors in private capital funds through a collaboration with Fenergo, a leading software provider focused on client lifecycle management (CLM). The new capability is part of Northern Trust’s digital innovation program to support private capital fund managers and their underlying investors.

It comes as industry pressures are driving private capital fund managers and their investors to seek greater efficiency and oversight to address complex onboarding and monitoring requirements. Leveraging Fenergo’s multi-tenant Software as a Service (SaaS) CLM solution, Northern Trust will digitize and streamline onboarding journeys and due diligence processes for anti-money laundering (AML), Know Your Customer (KYC) and associated compliance rules.

Clive Bellows, head of Global Fund Services, EMEA, at Northern Trust, said: “Northern Trust will deploy Fenergo’s technology in tandem with the expertise of our servicing teams to onboard investors faster through an efficient digital portal. The development will support clients and investors throughout the lifecycle, including continuous risk assessment of investor data, periodic reviews, as well as offboarding. Moreover, the reduction in manual document flow will enable our teams to focus on more value-added activities on behalf of our clients and further enhance our information security protocols.”

The digital portal provides a mechanism that aims to securely source, capture and authenticate data. Investors will be able to access the portal to upload and review all their relevant information in a single source of record. This will help to accelerate lifecycle processes by reducing the manual document flow, while providing a more secure channel for sensitive data, and enhance the operational efficiency for the overall onboarding activity.

Paul Kavanagh, chief revenue officer with Fenergo, said: “We are delighted to welcome Northern Trust to our growing asset servicing client community. The asset servicing industry is experiencing significant growth but firms operating in this space are coming under increasing pressure to scale, improve client experience and adapt quickly to changing regulatory environments. Our CLM solution, which includes an onboarding digital portal, helps firms like Northern Trust to reduce risk and manage compliance and deliver tangible operational efficiencies that transform the investor journey through the end-to-end lifecycle. I look forward to working with Northern Trust to unlock even greater value for them over the coming months and years.”

The development forms part of a wider alternatives 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 23 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2022, Northern Trust had assets under custody/administration of US$15.5 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.

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 Fenergo
Fenergo is one of the leading providers of digital transformation, client journey and client lifecycle management (CLM) solutions for financial institutions. Its software digitally transforms and streamlines end-to-end CLM processes - from regulatory onboarding, data integration, client and counterparty data management, client lifecycle reviews and remediation, all the way to client offboarding. Fenergo is recognized for its in-depth financial services and regulatory expertise, community-based approach to product development and rules engine which ensures financial institutions are future-proofed against evolving Know Your Customer (KYC), Anti-Money-Laundering (AML), tax and OTC derivatives-based regulations across 120 jurisdictions. Fenergo supports over 80 financial institutions across corporate and institutional banking, asset and wealth management and commercial banking.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220511005086/en/

Media Contacts

Europe, Middle East, Africa & Asia-Pacific:

Camilla Greene

+44 (0) 20 7982 2176

Camilla_Greene@ntrs.com

Marcel Klebba

+44 (0) 20 7982 1994

Marcel_Klebba@ntrs.com

US & Canada:

John O’Connell

+1 312 444 2388

John_O’Connell@ntrs.com

Source: Northern Trust

FAQ

What is the partnership between Northern Trust and Fenergo about?

The partnership aims to enhance the onboarding process for investors in private capital funds through a digital portal, improving compliance with KYC and AML requirements.

How will the Northern Trust and Fenergo collaboration impact investor onboarding?

The collaboration will streamline compliance processes and reduce manual document flow, accelerating the investor onboarding journey.

What are the key benefits of Northern Trust's new digital portal?

The digital portal will provide a secure mechanism for data authentication, streamline due diligence processes, and enhance operational efficiency.

How much assets does Northern Trust manage as of March 31, 2022?

As of March 31, 2022, Northern Trust manages $1.5 trillion in assets.

What is the Whole Office™ strategy by Northern Trust?

The Whole Office™ strategy facilitates client access to services, solutions, and new technologies across the investment lifecycle.