Guernsey Press

Northern Trust recognised for innovative blockchain use

NORTHERN TRUST’S ground-breaking use of blockchain technology in the administration of private equity funds in Guernsey has been recognised with a national award.

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Velida Cajdin, events manager for Global Investor Group, left, presents Belinda Aspinall, chief executive of Northern Trust Channel Islands, with the award for Private Equity Fund Administrator of the Year at the Global Investor Awards awards evening in London.

The financial services group was named private equity fund administrator of the year at the 2017 Global Investor Awards.

‘Northern Trust is delighted to have achieved this award which recognises our pioneering work to launch the first commercial deployment of blockchain technology for the global private equity market,’ said Belinda Aspinall, chief executive of Northern Trust Channel Islands.

She said the award also reflected well on the collaborative approach to innovation being demonstrated by the Guernsey finance industry.

‘Throughout our project we worked closely with a range of Guernsey-based stakeholders including the States of Guernsey and the Guernsey Financial Services Commission as well as locally-based legal counsel and technology providers to bring the solution to market.’

Northern Trust partnered with technology giant IBM and other key stakeholders to launch the world’s first commercial deployment of blockchain technology for the private equity market in February 2017, which was hailed as a ‘potential game-changer’ for private equity administration and potentially other asset classes in due course.

The Global Investor Awards 2017, organised by financial publishers the Global Investor Group, aims to recognise outstanding performance and contributions to the finance industry.

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