Northern Trust has reached an agreement to invest and partner with Parilux Investment Technology to strengthen its front office solutions business. The Northern Trust Parilux tie-up will see a newly designed cloud-based web and mobile interface introduced.

The software is said to deliver variety of functionalities such as investment book of record (IBOR), accounting and risk analytics for alternative assets, as well as performance reporting and document management.

Furthermore, Northern Trust will work to deliver new capabilities in data aggregation, data enhancement and data analytics to support its customers in decision-making and investment execution.

Northern Trust Corporate & Institutional Services president Pete Cherecwich said: “Our goal is to simplify the lives of institutional investors by providing a shared digital and service platform that integrates data into one system, streamlines operations, enables smarter investment decisions and facilitates better communication and information sharing across teams.”

The operation will be led by Melanie Pickett, who commented: “As asset owners engage in more complex, data-driven approaches to asset allocation, their operational needs and demands for high quality data have skyrocketed.”