Citadel is selling its hedge fund administration business, Omnium, Dow Jones reports (via FinAlt).
Northern Trust, another Chicago-based firm, is the buyer.
Details of the sale price aren’t public yet.
According to Dow Jones,
Citadel has been distancing itself from its administration unit since 2009, when it renamed the former Citadel Solutions.
The name change was reportedly the result of unhappy clients, both Citadel’s and Citadel Solutions’. The former’s apparently didn’t want their hedge fund investments administered by the hedge fund itself, and the latter’s balked at plastering Citadel’s name all over their own fund documents.