Broadridge Private Market Hub to provide Emerald and Northern Trust greater transparency and efficiency in managing the private equity fund lifecycle.
Broadridge, a global Fintech leader, and Northern Trust, a global leader in asset servicing, today announced that Emerald Technology Ventures will utilize the Broadridge Private Market Hub ecosystem to gain visibility and reduce transaction friction to interact in real-time on all Guernsey domiciled funds.
Broadridge's Private Market Hub, the industry's first deployment of blockchain technology for the private equity market, helps solve the industry challenge of transparency by providing real-time access to data and a full view of the fund lifecycle. It provides connectivity to existing industry tools and technologies to help further automate workflows between front-, middle- and back-office functions. The solution enables investment managers to manage, communicate and engage with investors and other stakeholders with greater efficiency and data transparency, streamlined through a distributed ledger technology.
"We are pleased to have worked with Northern Trust and Broadridge on development of the Private Market Hub, using blockchain technology to deliver a full private equity ecosystem," said Hans Dellenbach, Partner and Chief Financial Officer at Emerald Technology Ventures. "Through the use of the Private Market Hub, we now can directly interact in real-time and have a full, 360-degree view of all of our Guernsey domiciled funds, giving us better oversight and flexibility moving forward."
Northern Trust has successfully migrated four Emerald Technology Ventures funds to the Broadridge Private Market Hub, providing a single, fully transparent view into all funds and allowing for interaction in real-time. Emerald Technology Ventures funds can now call and distribute funds directly through Private Market Hub and seamlessly process the fund lifecycle through an automated workflow solution.
"We are excited to have Emerald Technology Ventures join our groundbreaking Private Market Hub platform, which enables a frictionless digital experience for private equity stakeholders and participants," said Brian Crowley, Global Head of Product and Product Strategy, Broadridge Asset Management Solutions. "Investors have shown an increased interest in private assets over the past decade amid a search for returns, and Broadridge is creating innovative technology-based solutions to create better operational structures and scalability."
"Following the transfer of Northern Trust's blockchain technology to Broadridge in June 2019, we continue to invest in cutting-edge technologies through thoughtful collaborations to deliver leading capabilities," said Pete Cherecwich, President of Corporate & Institutional Services at Northern Trust. "This has resulted in direct efficiencies for our asset manager clients as well as for Northern Trust."