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PROPERTY:

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Ever thought about what a multimillion pound budget would buy you?

Northern Trust (NTRS) Buys Parilux Investment Technology

Zacks Equity Research
·3-min read

Northern Trust Corporation NTRS recently closed the deal to acquire Parilux Investment Technology, LLC. The acquisition has accentuated the firm’s commitment to its Front Office Solutions business, which administers a comprehensive data management platform for in-house investment groups handling intricate, global multi-asset class portfolios.

The Front Office Solutions assimilates Parilux’s software with a proprietary cloud-based web and mobile interface. The vanguard technology, together with Northern Trust’s worldwide operations prowess and services, will deliver avant-garde competencies across data aggregation, refinement and analytics to aid asset owners in their decision-making, implementation as well as administration.

The acquisition will address the need of many institutional investors who adopt data-driven approaches to asset allocation and their need for quality data as well as technology to handle such data.

The technology array will provide a unique range of information and services, including investment book of record accounting and risk analytics for alternative assets, performance reporting and document management for investment teams of endowments, foundations, corporations, family offices as well as other sophisticated asset owners, keying on asset allocation and manager selection.

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With this final step to bring Parilux’s technology and personnel under the same roof of Front Office Solutions, Northern Trust will be able to empower and hone its in-house investment management teams. Moreover, with this integration, Northern Trust’s clients will be accommodated with new technologies and competencies across the wide spectrum of Strategy and Trading, Operational, Data and Digital and Analytics solutions.

Against the backdrop of macroeconomic headwinds, Northern Trust, with heightened aggression, has been focused on initiating new businesses for the past few years. Additionally, Northern Trust’s innovative technology-driven hedge fund administration capabilities brought to the marketplace via Northern Trust Hedge Fund Services clearly provides an attractive proposition to the clients.

Also, the company continues to benefit from its solid wealth management operations with diversified products. Further, the latest acquisition will support its growth prospects.

The stock has gained 30.8% in the past six months, underperforming the 47.4% gain of the industry it belongs to.

Northern Trust currently carries a Zacks Rank #3 (Hold).

A few better-ranked finance stocks are JPMorgan Chase & Co. JPM, Wells Fargo & Company WFC and KeyCorp KEY. Both stocks sport a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the last 30 days, JPMorgan has witnessed upward earnings estimate revision of 16.6% for the current year. Its share price has rallied 37.5% in the past six months.

Over the last 30 days, Wells Fargo has recorded upward earnings estimate revision of 28.9% for 2021. Its share price has surged 92.6% in the past six months.

KeyCorp’s earnings estimate for 2021 has moved 13.8% north in 30 days’ time. Its shares have appreciated 50.6% over the past six months.

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To read this article on Zacks.com click here.

Zacks Investment Research