Northern Trust has entered a strategic alliance with BlackRock to deliver enhanced operations, data and servicing capabilities to mutual clients through its Whole Office integrated asset serving platform.
The new capabilities would be delivered through Aladdin, BlackRock’s investment management and operations platform, to provide clients with more efficiency, interoperability and transparency across the back, middle and front office.
The service included outsourced trade execution for asset managers and owners and a digital and service platform for global asset allocators; currency management and FX algorithmic trading; integration with industry trading platforms; and collateral optimization, risk analytics and digital innovation for asset servicing.
Rob Goldstein, BlackRock's chief operating officer and head of BlackRock solutions, said the current climate had demonstrated the importance of data symmetry and streamlining communication across the investment lifecycle from the asset manager to the asset servicer.
“BlackRock and Northern Trust are committed to providing increased transparency, accuracy and operating model flexibility for our mutual clients, leveraging our joint capabilities through Aladdin Provider,” Goldstein said.
Pete Cherecwich, president of corporate & institutional services at Northern Trust, said this was part of a clear strategic pathway.
“We will continue to enhance our capabilities and add future functionality through a combination of buy, build or partner with best-in-class providers to benefit our global asset manager and asset owner clients,” Cherecwich said.