Private Market Hub Becomes the First Multi-jurisdictional, Multi-tenant Enabled Solution for Private Equity Firms Globally
Northern Trust funds first to go live on the new multi-jurisdictional environment
NEW YORK and LONDON – Sept. 7, 2022 – Leveraging blockchain technology to alleviate the complexities faced by asset managers with funds in multiple geographies, global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), has released a multi-jurisdictional version of its private equity platform, Private Market Hub, now available to funds domiciled in North America.
Previously operational for funds domiciled in Guernsey, Private Market Hub has been enhanced to support clients in the United States. Private Market Hub is currently the only fully operational multi-tenant enabled platform for the private equity (PE) market with the ability to seamlessly service funds across multiple jurisdictions powered by distributed ledger technology (DLT).
Broadridge’s new capabilities are the first of their kind in the private equity industry, allowing all stakeholders in a fund’s lifecycle to participate around a common set of data and workflows via a unified user interface, irrespective of the fund’s jurisdiction. Northern Trust, the cornerstone client, has gone live with the first group of North American clients – marking a new milestone in the evolution of the platform.
“We are delighted that Private Market Hub is now available to North American domiciled funds – it comes at a time of explosive growth in the US, with PE fundraising tipping $400 billion and assets under management at an all-time high of $2.9 trillion,” said Mike Sleightholme, Broadridge’s President of asset management solutions. “This latest set of enhancements is a first for the industry. It creates workflow and operational efficiencies for both US and multi-jurisdictional funds, giving them the ability to standardize processes and data across jurisdictions, avoiding disparate silos of client data.”
Private Market Hub automates and unifies workflows between front, middle and back-office functions while simultaneously protecting the integrity and sovereignty of data. It brings together ecosystem participants around a consistent, secure, real-time view of data - reducing friction for fund managers, investors and administrators, and enabling easier auditability. Funds can manage, communicate and engage with investors and other stakeholders with far greater efficiency. This innovative platform is enabled by distributed ledger technology, which streamlines traditionally disconnected and inefficient processes and facilitates greater visibility across the ecosystem.
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with over $6 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 14,000 associates in 21 countries.