Northern Trust has announced an alliance with software firm Appian to digitise the net asset value (NAV) workflow communications between the company and private capital fund managers.

The move is set to provide the private capital fund managers with improved efficiency, supervision capability and data security during the NAV production process.

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It will leverage a digital portal, driven by Appian, to help private capital fund managers with a single point of access for disseminating instructions, review documents and approvals throughout the NAV procedure.

The new workflows are capable of minimising reliance on email communications as well as facilitate the delivery of sensitive data.

They also increase transparency and efficiency of the entire NAV process, according to the American asset and wealth manager.

The firm has taken up the latest partnership under its broader alternative digital transformation plan called Northern Trust Whole Office, a scheme that allows clients to avail various services, solutions and fresh technologies during investment process.  

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Northern Trust global fund services head for Europe Middle East and Africa Clive Bellows said: “Private capital fund managers are seeking a digitised 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.

“Utilising the Appian platform will further enhance interactions with our specialist teams and provide real-time oversight.”

The latest development comes shortly after Northern Trust announced the appointment of Daniel Gamba as the new president of its asset management arm.