Northern Trust has selected SunGard’s Asset Arena Control Center to increase operational efficiency and reduce risk.
Asset Arena Control Center will allow Northern Trust to convert complex work processes into electronic checklists and easy-to-read dashboards.
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The Control Center will also manage Northern Trust’s fund accounting and investor accounting activities.
The implementation of SunGard Control Center will enable Northern Trust to ensure increased transparency and process optimization and spans across the firm’s wealth management, asset management, private equity, capital markets, risk and analytics, and reconciliations systems.
Peter Cherecwich, head of global fund services within Northern Trust’s Corporate and Institutional Services business unit, said: "By working with SunGard, we will look to achieve a smoother end-of day NAV (Net Asset Value) creation process, reduce the potential for risk and meet regulatory requirements which will ultimately help us generate significant cost savings."
Doug Morgan, president of institutional asset management for SunGard’s Asset Management business, said: "Both investors and regulators are seeking greater transparency from fund managers and their administrators. This will ultimately aid Northern Trust in achieving its overarching business objectives by increasing the level of control over its processes and reducing operational risk."
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