|R. Peter Sanchez|
|Chief Executive Officer|
|Northern Trust Hedge Fund Services|
Citadel (see Tom Miglis, No. 26) entered the hedge fund administration business in 2007 and over four years attracted $70 billion in assets despite confronting questions about why single-manager hedge funds would entrust that business to a competitor. Northern Trust Corp., which bought the Citadel administrator, Omnium, last July, doesn't manage hedge funds, so it does not have to issue disclaimers. The Chicago-based bank appointed R. Peter Sanchez, Omnium's global head of business development and client service, as CEO of Northern Trust Hedge Fund Services. Part of Northern Trust Global Fund Services, NTHFS has turned its bigger scale $170 billion under administration and a workforce that doubled, to 400, with the Omnium purchase to its advantage. Some 30 clients have signed on since the acquisition, bringing the total to 75. "Northern Trust adds traditional cash management, custody and administrative services, and wraps it with the alternative administration functions like real-time settlement and transparency," plus an ability to help clients navigate mounting regulatory, reporting and accounting complexities, notes the 51-year-old Sanchez.