Broadridge Financial Solutions has taken over the rights of Northern Trust’s blockchain-based private equity (PE) asset servicing platform.
The platform was developed by Northern Trust in 2017 in association with IBM. It leverages the open source Linux Foundation Hyperledger Fabric.
The technology was first used to administer a private equity fund managed by Swiss asset manager Unigestion.
The platform is designed to improve cash flow management and automate middle office functions for private equity.
Using Northern Trust’s blockchain technology, Broadridge will continue to develop the platform and make it available for all market participants in the private equity space.
The platform can be initially availed by private equity funds based in Guernsey and Delaware.
This includes Northern Trust clients.
Northern Trust president of corporate and institutional services Pete Cherecwich said: “The platform delivers real-time insight and transparency to all parties, including fund managers, investors and auditors, and enables regulatory access when required.
“For the benefit of our clients and the industry as a whole, it’s now time to hand over the reins to a technology provider with deep FinTech expertise.
“Broadridge’s administrator-agnostic position, coupled with its DLT leadership and global footprint, make them an ideal firm to open up this innovative technology to the marketplace, paving the way for the digitisation of the asset class.”