Northern Trust Family Office Technology vs Private Wealth Systems

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Northern 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.

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Private Wealth Systems

Private Wealth Systems

Category
Consolidated Reporting

USA-based Private Wealth Systems provides the digital infrastructure that powers modern family offices across the world. The platform is able to support even the most complex nested ownership structure through its capturing, correcting, calculating and presenting of actionable information across asset classes and currencies.

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Company
Employees

100-500 (in GFO’s division)

Revenue

$6.1 billion ($286.3 million – GFO’s trust fees)

Founded

  • 1889

Ownership

-

Incorporated

  • United States of America

Locations

  • Chicago
  • London
  • Guernsey
  • Luxembourg
  • Abu Dhabi

Top 5 Markets

-

Total AUM

  • $114 billion (Northern Trust’s GFO)

Avg. AUM per client

$900 million  (median $350 million)


  • 11-50


–


  • 2014


  • Owned by management
  • Clients are also owners


  • United States of America


  • Charlotte
  • New York
  • Salt Lake City


  • Switzerland
  • United States of America
  • United Kingdom
  • Saudi Arabia
  • Australia


  • $200 billion


  • $223 million

Client
Focus

  • Single-family offices

Serves also

  • Individual wealth owners

Number of clients:

  • Approx. 500 GFO clients


  • Single-family offices


  • Multi-family offices
  • Banks
  • Individual wealth owners
  • Fund managers


  • 650+ UHNWIs and family offices

Product
Main tasks

  • Consolidated reporting
  • Portfolio management
  • Accounting
  • Governance
  • Compliance
  • Trading
  • Data aggregation
  • Risk management
  • Impact/ESG reporting

Top features

  • 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

Assets supported

  • All marketable and non-marketable assets
  • Bankable assets
  • Private equity
  • Real estate
  • Rare collectibles (e.g. luxury cars, boats, high-value jewellery)

Compliance

  • MiFID II
  • GDPR
  • AIFMD
  • UCITS

Whitelabel

  • Yes


  • Accounting
  • Consolidated reporting
  • Portfolio management
  • Data aggregation
  • Risk management
  • Impact/ESG reporting


  • Data aggregation – our direct bank feeds captures 3x more data than other providers.
  • Data validation – we perform daily reconciliation and correct bank data errors.
  • Performance calculation – in side by side comparisons with other systems we have proven double-digit accuracy in performance and analytics.
  • Custom reporting – our award winning data model empowers each user to personalize their data any way they want.
  • Digital portal – wealth owners can customize their own mobile dashboards to have total power over their wealth.


  • Private equity
  • Bankable assets
  • Real estate
  • Rare collectibles (e.g. luxury cars, boats, high-value jewellery)


  • GDPR


  • Yes

Technology
Type Of Software

  • Serviced software

Security

  • 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

Ecosystem

  • Linux
  • Java

Integrations

  • 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.

Mobile App

  • Yes


  • SaaS
  • Serviced software


  • Multi factor authentication
  • Application scanning
  • Network scanning
  • Encryption at-rest and in-transit
  • Data leakage prevention (DLP)
  • User level access controls
  • Annual audits by global banks


  • Microsoft


  • API that can connect with any third party system including CRM, bill pay


  • Yes