Press release
Northern Trust Announces a Partnership with Novata, Adding Private Markets Data and Benchmarking Capabilities to Whole Office Strategy
ESG Data Management Solution enables transparency in Private Markets CHICAGO--(BUSINESS WIRE)-- Northern Trust (Nasdaq: NTRS) has reached an agreement to
About this update from Northern Trust Corporation
[{"type":"text","content":"\nESG Data Management Solution enables transparency in Private Markets\n\n\n CHICAGO--(BUSINESS WIRE)--\nNorthern Trust (Nasdaq: NTRS) has reached an agreement to make available Novata’s ESG data management software solution to Northern Trust asset servicing clients, following a strategic investment in the company.\n\n\nThe addition of Novata’s data management solution is an extension of Northern Trust’s Whole Office strategy that will provide asset owners a clearer view of the ESG impact of private companies on investment portfolios and simplify the ESG data collection process for investors and portfolio companies. Northern Trust Whole Office facilitates client access to new technologies, services and solutions across the investment lifecycle.\n\n\n“We are committed to a strategy that combines Northern Trust’s global architecture with innovative partners like Novata to help clients maximize the value of their data and optimize investment performance,” said Pete Cherecwich, President of Asset Servicing at Northern Trust. “As the demand for ESG data continues to grow, we believe Novata's industry-leading technology platform will be a valuable tool for private market investment firms to evaluate and manage their ESG risks and opportunities. Through our Whole Office partnerships, Northern Trust clients across the globe can access advanced technology, skills and services designed to help them make more informed decisions.”\n\n\nIn April 2023, Northern Trust participated in the Series B funding round for Novata, a certified B Corporation and technology platform that was founded as a public benefit corporation by a unique consortium of non-profit and for-profit organizations. Novata offers the technology and expertise to streamline and simplify ESG data management for the private markets. The platform provides clear definitions, guidance for tools for calculating ESG metrics, hands-on support from ESG experts, and market-leading benchmarking and analytics to easily review data in context and compare to industry peers.\n\n\nNovata’s metric library includes more than 800 metrics that align to widely accepted standards and frameworks, making it simple to identify a clear starting point for ESG data collection and reporting. Key metrics offered and tracked by the Novata platform cover environmental categories such as greenhouse gas (GHG) ...