Canopy vs Northern Trust Family Office Technology
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Canopy
Category
Consolidated Reporting
New York based Canopy is a turnkey and fully customizable software solution, offering private & anonymous wealth account aggregation, portfolio analytics and client reporting. Covering all kinds of asset classes, markets and currencies, Canopy allows family offices to submit their data, with the platform doing the rest.
Read moreNorthern Trust Family Office Technology
Category
Consolidated Reporting
Northern Trust is a global financial institution that provides asset servicing, investment management and wealth management services for institutions, high-net-worth individuals and families or their family offices.
Read moreCompany
Employees
- 50-100
Revenue
- $2.5 million +
Founded
- 2014
Ownership
- External investors (neither clients nor staff)
- Clients are also owners
- Key staff also have ownership
- Owned by management
Incorporated
- Singapore
Locations
- United States of America
- Singapore
- Switzerland
Top markets
- United States of America
- Singapore
- Hong Kong
- Switzerland
- United Arab Emirates
- United Kingdom
Total AUM
- $174 billion+
Avg. AUM per client
- $30 million+ (per HNWI)
100-500 (in GFO’s division)
$6.1 billion ($286.3 million – GFO’s trust fees)
- 1889
-
- United States of America
- Chicago
- London
- Guernsey
- Luxembourg
- Abu Dhabi
-
- $114 billion (Northern Trust’s GFO)
$900 million (median $350 million)
Client
Focus
- Single-family offices
Serves also
- Individual wealth owners
- Multi-family offices
- Financial advisors
- Banks
- Fund managers
Number
- +2,400 UBOs (of which +20 billionaires) and approx. +350 wealth managers (i.e. SFOs, MFOs, RIAs, EAMs, WMs, PBs, trustees & etc.)
- Single-family offices
- Individual wealth owners
- Approx. 500 GFO clients
Product
Main tasks
- Consolidated reporting
- Accounting
- Portfolio management
- Data aggregation
- Risk management
- Impact/ESG reporting
- Backoffice
Top features
- Asset/account consolidation
- Investment/portfolio data aggregation
- Multi-bank, multi-asset class, multi-currency reporting
- Data Visualization
- Data Analytics / Insights
- BPO
- Fully customized reporting on bankable and non-bankable assets, Real Estate, Art and more
- Insight messages via email / whatsapp to stimulate client action
- General ledger
- Data sovereignty where each
client gets their own database for 24/7 write/access
Assets supported
- Bankable assets
- Private equity
- Real estate
- Rare collectibles
Compliance
- MiFID II
- GDPR
- FinSA/FinIA
Whitelabel
- Yes
- Consolidated reporting
- Portfolio management
- Accounting
- Governance
- Compliance
- Trading
- Data aggregation
- Risk management
- Impact/ESG reporting
- Holistic, aggregated single source of data
- Automated cash & trade transaction tools
- Comprehensive user report library
- Ad-hoc custom reporting
- Easily-accessible mobile platform
- Dedicated client service team
- Integrated partnership accounting & general ledger
- Security & integrity of your data
- All marketable and non-marketable assets
- Bankable assets
- Private equity
- Real estate
- Rare collectibles (e.g. luxury cars, boats, high-value jewellery)
- MiFID II
- GDPR
- AIFMD
- UCITS
- Yes
Technology
Type Of Software
- Serviced software
- SaaS
- Fully standalone
Security
- Anonymity of personally identifiable information
- International security standards
- Data and database encryption
- Ethical hackers
- Firewall systems
- 2fa authentication
- Four-eyes updates and improvements
- Restricted access
- Staff training
- ISO 27001 certified
Ecosystem
-
Integrations
- Plugs into any system via APIs
- Xero
- Sage
- Quickbooks
- PowerBI
- Converts non-standardized data into the desired data format i.e. ViewPoint, Abacus, NavOne account software etc.
Mobile App
- Yes
- Serviced software
- Multi-factor authentication
- Anti-fraud programs & IT security team
- Three-tiered network architecture with redundant firewalls and DMZ layer
- Network intrusion detections systems.
- Regular network- and application-level penetration tests
- Anti-virus practices at network, app and database levels
- Several limits to employees’ ability to see and manage client data
- Dedicated fraud prevention and investigations unit
- Linux
- Java
- We interact with a variety of external vended software and send data (once authorized by the client) daily. Existing connectivity can be confirmed on request.
- Yes