Omnium LLC, a hedge fund administrator with operations in Bermuda with approximately $70 billion in assets under administration, is set to be acquired by leading asset service provider Northern Trust, it was announced yesterday.The takeover, which is subject to applicable regulatory approvals and other customary closing conditions, is expected to close in the third quarter of 2011.Supported by Northern Trust’s global presence, asset servicing capabilities and financial strength, Omnium’s staff will utilise market leading technology and be integrated into Northern Trust’s corporate and institutional services business unit as Northern Trust Hedge Fund Services LLC.Northern Trust Hedge Fund Services will offer scalable technology and dedicated expertise to serve hedge funds and large institutional investors with complex portfolios. The business will provide comprehensive administrative and middle office services including trade processing, valuation, real-time reporting, cash management, accounting, collateral management and investor servicing.“In today’s markets, asset managers and institutional investors demand high performance, greater transparency, and outstanding technology from their administrator,” Northern Trust chairman and CEO Frederick Waddell said.“This acquisition brings together the best in hedge fund administration expertise, along with Northern Trust’s robust global custody capabilities and our highly respected client focus. The result is a unique opportunity to scale a world-class business.”