Northern Trust has agreed to acquire software development rights of Omnium technology platform from hedge fund manager Citadel.

Omnium, established in 2007, was the hedge fund administration subsidiary of Citadel before it was acquired by Northern Trust in 2011.

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Following that deal, the asset manager licensed Omnion’s middle and back office investment technology and rebranded the firm to Northern Trust Hedge Fund Services, which now manages over $350bn in assets and employs around 1,200 staff.

Several key development professionals will also join Northern Trust as part of the latest deal, which is anticipated to be completed in the first half of 2018.

Northern Trust expects the deal to give it better control over technological enhancements.

Also, the asset manager hopes that this transaction will foster deeper collaboration between operations professionals and the team of developers.

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Northern Trust corporate and institutional services president Peter Cherecwich said: “We are excited to have the opportunity to bring this technology development team to Northern Trust. Their deep expertise has been a key contributor to our growth, and has been critical to our success in delivering solutions to our clients – which are among the world’s most sophisticated asset managers and institutional investors.”