Northern Trust is to invest in Parilux Investment Technology and launch a holistic data management solution for institutional investors.
Parilux’s software will power an integrated data management platform that delivers a range of information and functionality – including investment book of record (IBOR), accounting and risk analytics for alternative assets, as well as performance reporting and document management – for investment teams of endowments, foundations, corporations, family offices and other sophisticated asset owners focused on asset allocation and manager selection.
“This investment is a strategic partnership for Northern Trust and a sign of our commitment to technology innovation that enables investment transparency for global asset owners,” says Pete Cherecwich (pictured), President of Northern Trust Corporate & Institutional Services. “Our goal is to simplify the lives of institutional investors by providing a shared digital and service platform that integrates data into one system, streamlines operations, enables smarter investment decisions and facilitates better communication and information sharing across teams.”
Front Office Solutions will combine Parilux’s software with a proprietary and newly designed cloud-based web and mobile interface. In addition, Northern Trust will bring high-quality operational expertise and service to deliver innovative new capabilities across data aggregation, data enhancement and data analytics supporting clients in their informed decision-making and investment execution.
Front Office Solutions is led by Melanie Pickett, who joined Northern Trust in 2017 from Emory Investment Management, one of the top 20 endowment investment programs in the United States. Pickett has nearly 20 years of experience in a variety of senior operations and technology roles at both Emory and Morgan Stanley, and is a founding Advisory Board member for the Investment Management Due Diligence Association (IMDDA).
“As asset owners engage in more complex, data-driven approaches to asset allocation, their operational needs and demands for high quality data have skyrocketed,” says Pickett. “By providing a holistic, full-service solution that delivers a more comprehensive set of operational services and analytics, Front Office Solutions aims to empower in-house investment teams and support their important mission.”
Mark D’Andrea, Managing Partner and CEO of Parilux, says: “We are excited to be partnering with Northern Trust in this next chapter of our growth. Our technology is a holistic solution, built to serve the demanding needs of both the investment professionals and the operations staff of asset allocators. Our system supports complex asset allocation decisions in a true multi-currency and multi-asset class offering. Northern Trust’s innovative solution will combine our superior data model and analytics with flexible, client centric reporting and data visualisations in a full service solution for institutional investors and family offices.”