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Northern Trust Buys $100M Citadel Unit
Northern Trust will acquire Citadel’s fund-administration unit, Omnium.
Northern Trustwill acquireCitadel’s fund-administration unit,Omnium,The Wall Street Journalreports. The asset manager will pay $100 million for the Chicago-based hedge funds and nascent investment-banking focused business.
Omnium will be moved to Northern Trust’s hedge fund services business, which offers trade processing, valuation, real-time reporting and cash management. The transaction is expected to be completed in the third quarter of this year, addsFundamentals.
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