Broadridge Takes Over Northern Trust’s DLT Platform

Broadridge Financial Solutions, Inc. and Northern Trust have reached an agreement for Northern Trust to transfer its distributed ledger technology (DLT) platform for private equity (PE) asset servicing to Broadridge. According to a story in MarketsMedia, Broadridge will develop the platform leveraging blockchain technology developed by Northern Trust. The technology will provide data and analytics tools connecting the complex PE lifecycle for all market participants. Through the platform, PE firms can manage, communicate and engage with investors with greater efficiency. It enhances capital and cash flow management (capital calls, investments, divestments and distributions) and automates the middle office functions for PE. Broadridge plans to further develop and expand the private equity solution, delivering new capabilities across the lifecycle. With a focus on increasing efficiency in the market and providing real business value to clients, this blockchain solution has the potential to benefit the financial services industry by improving transparency, streamlining business processes, eliminating manual reconciliations, and reducing costs.