Fintech firm Broadridge Financial Solutions, Inc. and Northern Trust revealed that Emerald Technology Ventures will use the Broadridge Private Market Hub ecosystem to obtain visibility and reduce transaction friction to interact in real-time on all Guernsey domiciled funds.
Broadridge’s Private Market Hub deploys blockchain technology to help the private equity market increase transparency through a real-time access to data and a full view of the fund lifecycle.
The solution provides connectivity to existing industry tools to help further automate workflows between front-, middle- and back-office functions. The Private Market Hub enables investment managers to manage, communicate and engage with investors and other stakeholders with better efficiency and data transparency, streamlined through a distributed ledger technology.
Hans Dellenbach, Partner and Chief Financial Officer at Emerald Technology Ventures, said:
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. 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 already successfully completed migration of four Emerald Technology Ventures funds to the Broadridge Private Market Hub, providing a fully transparent view into all funds and allowing for interaction in real-time. Emerald Technology Ventures funds are now able to call and distribute funds directly through Private Market Hub and process the fund lifecycle through an automated workflow solution.
Brian Crowley, Global Head of Product and Product Strategy, Broadridge Asset Management Solutions, added:
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. 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.
Pete Cherecwich, President of Corporate & Institutional Services at Northern Trust, stated:
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. This has resulted in direct efficiencies for our asset manager clients as well as for Northern Trust.
