Northern Trust improves onboarding journey for investors in private equity funds

LONDON–(BUSINESS WIRE)–Northern Trust (Nasdaq: NTRS) seeks to improve the process of onboarding investors into private equity funds through 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 equity fund managers and their underlying investors.

This comes as industry pressures drive private equity fund managers and their investors to seek greater efficiency and oversight to meet complex integration and oversight requirements. Leveraging Fenergo’s multi-tenant Software as a Service (SaaS) CLM solution, Northern Trust will digitize and streamline onboarding journeys and anti-money laundering (AML) due diligence processes. ), Know Your Customer (KYC) and related 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 service teams to onboard investors faster through an efficient digital portal. The development will support clients and investors throughout the lifecycle, including ongoing risk assessment of investor data, periodic reviews, as well as offshoring Additionally, reducing the manual flow of documents will allow our teams to focus on higher value activities on behalf of our customers and to further improve our information security protocols.

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

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

The development is part of a wider alternative digital transformation plan as part of Northern Trust Whole Office™, a strategy that makes it easier for clients to access services, solutions and new technologies across the investment lifecycle. Northern Trust’s private equity fund services business offers a range of solutions for asset managers, including fund administration, global custody, depositary and banking services.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to businesses, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 23 US states and Washington, DC, and 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 over 130 years, Northern Trust has distinguished itself as an industry leader for its exceptional service, financial expertise, integrity and innovation. Visit us at northtrust.com. follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, registered office: 50 South La Salle Street, Chicago, Illinois 60603 USA, incorporated with limited liability in the USA Global legal and regulatory information can be found at https://www.northerntrust.com/terms -and-conditions.

About Fenergo

Fenergo is a leading provider of digital transformation, customer journey and customer lifecycle management (CLM) solutions for financial institutions. Its software digitally transforms and streamlines end-to-end CLM processes – from regulatory onboarding, data onboarding, customer and counterparty data management, customer lifecycle reviews and remediation , until the relocation of customers. Fenergo is recognized for its deep financial services and regulatory expertise, community-based approach to product development, and rules engine that ensure financial institutions are future-proofed as your know-your-customer evolves ( KYC), anti-money laundering (AML), tax and OTC derivatives regulations in 120 jurisdictions. Fenergo supports over 80 financial institutions in corporate and institutional banking, asset and wealth management, and commercial banking.

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