One of the most prominent global financial technology companies, Broadridge Financial Solutions announced the adoption of its Private Market Hub ecosystem by Emerald Technology Ventures today to increase visibility and decrease transaction friction.
The Private Market Hub of Broadridge is the first deployment of blockchain technology in the private equity market. According to Broadridge, the solution solves the challenge of transparency through real-time access to data.
Additionally, it allows the engagement of investment managers with stakeholders through an efficient and transparent manner, streamlined with a distributed ledger technology. Broadridge aims to use innovative technology for the creation of effective and transparent solutions.
“We are pleased to have worked with Northern Trust and Broadridge on the development of the Private Market Hub, using blockchain technology to deliver a full private equity ecosystem,” said Hans Dellenbach, Partner and Chief Financial Officer at Emerald Technology Ventures. “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.”
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Northern Trust Corporation is a Nasdaq-listed financial services provider. The company offers various services, including wealth management, asset management and banking to corporations. Founded in Chicago, the company has an international presence with offices across Europe, Asia and the Middle East.
Broadridge provides technology-based solutions to different organizations around the world. Listed on the New York Stock Exchange, the fintech company provides infrastructure that powers investing, corporate governance and communications. In June 2019, Broadridge and Northern Trust reached an agreement for Northern Trust to transfer its distributed ledger technology (DLT) platform for private equity (PE) asset servicing to Broadridge.
“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,” said Pete Cherecwich, President of Corporate & Institutional Services at Northern Trust.