An industry-wide private equity blockchain solution on the anvil

June 26, 2019 | Private Equity
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Northern Trust agrees to transfer its distributed ledger technology (DLT) platform for private equity (PE) asset servicing to Broadridge

Northern Trust will hand over its block-chain based platform for private equity to Broadridge Financial Solutions Inc., the global fintech that is also a part of the S&P 500.

Northern Trust developed a pioneering private equity (PE) solution based on the blockchain. PE participants such as fund managers, investors and auditors are able to draw real time insights from the platform. When required, even regulatory access is possible.

Broadridge already has developed previous blockchain solutions including a proxy vote pilot in conjunction with Northern Trust and other institutions, and a bilateral repurchase solution pilot. So the company is no stranger to the blockchain.

(Read our separate article today on Broadridge’s tie-up with alternative asset firm Preqin.)

Potential game changer for PE

“The alternatives/PE marketplace is expanding rapidly, and the technology needs of this evolving marketplace are underserved,” says Eric Bernstein, Broadridge’s head of asset management solutions. “Broadridge’s unique position as a network enabler, and successful record in utilising blockchain technology, will allow us to help transform the private equity industry.”

How PE players will benefit

The Northern Trust platform will be further developed by Broadridge to enable data and analytics tools that can be used by PE firms. These firms can quickly interact with investors and other participants. The platform enhances capital, cash flow management and automates the middle office functions for PE players.

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