Press release
Northern Trust Enhances Onboarding Journey for Investors in Private Capital Funds
Agreement with Fenergo Accelerates Fund Managers’ Speed-to-Market and Drives Efficiencies Across the Investor Lifecycle LONDON--(BUSINESS WIRE)-- Northern
About this update from Northern Trust Corporation
[{"type":"text","content":"\nAgreement with Fenergo Accelerates Fund Managers’ Speed-to-Market and Drives Efficiencies Across the Investor Lifecycle\n\n LONDON--(BUSINESS WIRE)--\nNorthern Trust (Nasdaq: NTRS) is looking to enhance the onboarding process for investors in private capital funds through a collaboration with Fenergo, a leading software provider focused on client lifecycle management (CLM). The new capability is part of Northern Trust’s digital innovation program to support private capital fund managers and their underlying investors.\n\nIt comes as industry pressures are driving private capital fund managers and their investors to seek greater efficiency and oversight to address complex onboarding and monitoring requirements. Leveraging Fenergo’s multi-tenant Software as a Service (SaaS) CLM solution, Northern Trust will digitize and streamline onboarding journeys and due diligence processes for anti-money laundering (AML), Know Your Customer (KYC) and associated compliance rules.\n\nClive Bellows, head of Global Fund Services, EMEA, at Northern Trust, said: “Northern Trust will deploy Fenergo’s technology in tandem with the expertise of our servicing teams to onboard investors faster through an efficient digital portal. The development will support clients and investors throughout the lifecycle, including continuous risk assessment of investor data, periodic reviews, as well as offboarding. Moreover, the reduction in manual document flow will enable our teams to focus on more value-added activities on behalf of our clients and further enhance our information security protocols.”\n\nThe digital portal provides a mechanism that aims to securely source, capture and authenticate data. Investors will be able to access the portal to upload and review all their relevant information in a single source of record. This will help to accelerate lifecycle processes by reducing the manual document flow, while providing a more secure channel for sensitive data, and enhance the operational efficiency for the overall onboarding activity.\n\nPaul Kavanagh, chief revenue officer with Fenergo, said: “We are delighted to welcome Northern Trust to our growing asset servicing client community. The asset servicing industry is experiencing significant growth but firms operating in this space are coming under increasing pressure to scale, improve client experience an...