London, New York, Singapore, 28 February 2024 – Northern Trust, one of the largest asset servicers in the world, has selected FINBOURNE Technology to provide enhanced valuations and reporting capabilities for their enterprise global technology.
After a thorough technology partner selection process, the Chicago-headquartered firm will leverage FINBOURNE’s cloud-native financial data management solution LUSID and specialist financial data virtualization engine, Luminesce, to modernise their valuations and reporting functions and provide enhanced service delivery to clients.
Seamless data integration and delivery
Northern Trust outlined specific requirements for a technology provider to support the modernisation of their valuation and reporting capabilities, whilst seamlessly integrating with their broader digitalisation journey, including a data mesh approach to enterprise data management and delivered through the Matrix Data Platform as their new digital “backbone.”
Utilising FINBOURNE’s cloud-native Software as a Service (SaaS), Northern Trust will have access to cost-effective and scalable data calculation and processing solutions that will enable the firm to modernise their technology strategy, sustain high-quality service to their clients, and evolve their service and delivery capabilities over time.
Enhanced data oversight
Using FINBOURNE’s market-leading data virtualization tool, Luminesce, data will be loaded into LUSID. This enables users to validate and analyse activity through automation – for example valuations or restatements – quickly, efficiently and accurately.
FINBOURNE’s open API approach means Northern Trust will benefit from an integration between LUSID and their broader data mesh platform. The system interoperability enables valuations and other key data to be presented in near real-time and significantly increases the speed and efficiency of service delivery to Northern Trust’s clients.
Nadia Ivanova, Executive Vice President, Head of Business Services, Asset Servicing at Northern Trust Corporation comments: “We are impressed by FINBOURNE’s domain expertise and their modern approach to data model extension and interoperability. At Northern Trust, we pride ourselves on our client-centric service, and we hope to continue enhancing the client experience with FINBOURNE’s innovative technology.”
Kelley Conway, Head of Corporate & Digital Strategy for Northern Trust adds: “Our digitization journey is sharply focused on democratizing data in ways that unlock meaningful value for clients. FINBOURNE’s LUSID platform, built specifically to support the volumes and complexity of data that characterize our business, is an exciting step in that broader journey that will help us partner with clients on the innovations that matter most to them.”
Thomas McHugh, CEO and Co-founder, FINBOURNE Technology adds: “We are pleased to welcome Northern Trust to our growing list of clients. As one of the most trusted financial institutions in the world, we look forward to supporting them as they futureproof their data strategy.”
-ENDS-
For further information please contact:
Chris Goodreds
Head of Marketing
FINBOURNE Technology
christopher.goodreds@finbourne.com
+44 (0) 204 534 4098
About FINBOURNE Technology
FINBOURNE Technology was founded in December 2016 with a mission to reduce the cost of investing and increase transparency and trust in capital markets. In seven years, we have grown from seven founders to over 200 employees, with operations in Europe, North America and Asia-Pacific. Leveraging SaaS technology and a secure cloud infrastructure, our solutions LUSID®, LUSID PMS™ and Luminesce® are designed to liberate, simplify and connect data, for emerging hedge funds, through to established global investment, banking and capital markets institutions.
Delivering an interoperable Modern Financial Data Stack, we offer cutting-edge infrastructure that sits at the heart of global capital markets, reducing operational complexity and total cost of ownership. FINBOURNE is trusted by some of the world’s leading financial services firms, including Fidelity International, London Stock Exchange Group, Baillie Gifford and Railpen.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2023, Northern Trust had assets under custody/administration of US$15.4 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.
