Northern Trust said it plans to acquire technology-driven hedge fund administration firm Omnium from Citadel, the large Chicago asset manager and market-making firm.

Omnium has about $30 billion of hedge fund assets under its administration and $40 billion from other financial institutions. The firm relies on software delivered online to provide administrative services that are intended to allow clients to trade in stocks, bonds or any other asset class at any time, at any market in the world.

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