Northern Trust has announced an agreement to acquire Bex, a provider of foreign exchange software solutions.
The bank says the acquisition will give it ownership of a platform providing algorithmic FX trading, global liquidity aggregation and transparency in execution and pricing to institutional clients worldwide. The agreement builds on an exclusive partnership between the firms announced in 2016.
“Bex has been a key differentiator for Northern Trust, increasing the depth and breadth of our global FX execution capabilities,” says Pete Cherecwich, president of corporate & institutional services at Northern Trust. “In an evolving FX marketplace, this acquisition provides a foundation for sustained growth and innovation on behalf of our clients.”
In recent years Northern Trust has launched solutions integrating Bex technology with its platform, including CompleteFX, a stand-alone execution service for investment managers seeking operational efficiency and reduction of risk; and the FX Algo Suite, client execution algorithms that allow clients to manage their FX exposure with an enhanced level of control and transparency.
“We’ve built a compelling global offering that allows clients to benefit from highly automated trade execution with enhanced transparency,” says John Turney, head of global foreign exchange at Northern Trust. “Ownership of Bex will strengthen our proven ability to bring innovative products to market rapidly, further enhancing the speed, reliability and quality of our FX services.”
Northern Trust has also partnered with Lumint Corporation, a provider of currency management services, to deliver portfolio, share class and look-through hedging services, complemented by transparency and analytical tools.
“This acquisition reinforces Northern Trust’s commitment to providing innovative trading, execution and outsourcing services across all asset classes and regions,” says Michael Vardas, global head of Northern Trust Capital Markets. “Taking full ownership of the Bex platform will future-proof our growth strategy and support our most sophisticated clients as they navigate global markets.”