Northern Trust to buy Citadel unit – report

NEW YORK, March 25 (Reuters) – Northern Trust Corp (NTRS.O: Quote, Profile, Research)
has agreed to buy Omnium, a fund administration unit of hedge
fund Citadel, Dow Jones Newswires reported late on Thursday,
citing unnamed sources.

Omnium, set up in 2007, has $70 billion in assets under
administration, according to its website.

Citadel’s administration business never gained much
traction in the $1.9 trillion hedge fund industry.

People familiar with the hedge fund industry said fund
managers were reluctant to ink a deal that would let a
subsidiary of a competitor manage and process trades. Ken
Griffin’s Citadel hedge fund manages about $10 billion in
assets and ranks as one of the industry’s largest firms.

Citadel and Northern Trust declined to comment.
(Reporting by Paritosh Bansal and Matthew Goldstein; Editing
by Bernard Orr)

Northern Trust to buy Citadel unit – report