According to the company, new automation updates will enable clients to now enter multiple trades on a single screen, including multiple trades on a single portfolio and, significantly, to instruct a single trade and allocate it across multiple portfolios.
This is also expected to allow a client to switch hedge fund investments between multiple portfolios without necessarily having to declare each switch to the market.
Northern Trust said its registration process will allow clients to switch hedge fund investments without incurring difficulties with capacity such as lockups (the window of time in which investors of a hedge fund are not allowed to redeem or sell shares) and gates (a restriction placed on a hedge fund limiting the amount of withdrawals from the fund during a redemption period).
Northern Trust asset servicing product manager for alternative investments Ian Headon said eliminating manual processing and enabling access to robust information are key aspirations for fund of hedge fund managers.
"These latest enhancements from Northern Trust enable our clients across the globe to streamline manual entries, reduce operating overheads, and improve internal reporting," Headon said.
