The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
why aren't all 13 resolved? a statement only gets an assessment when the public record can support or contradict it. opinions and what-ifs never can, and 0 checkable ones are still open, waiting for their date. predictions held up or didn't; assertions are supported or contradicted. on every card: ▮▮▮▮▮ certainty · ▮▮▮▮▮ debate potential. speakers are clickable
Thomas: Leaders must be color aware rather than colorblind
“I know that people of good intent and goodwill will say things like I'm colorblind. And I know what they mean by that, but the reality is we're not really colorblind. At our best, we actually, if we want to use the term color, we need to be color aware, becaus…”
Asset allocators are consolidating tech vendors to fewer deep partners
“What we see is clients who do that tend to realize, just like their investment partners, they don't want hundreds of investment managers, right? They want stronger, deeper relationships with fewer investment managers. The same thing is happening on the service…”
Asset custody is highly commoditized and faces growing pricing pressure
“While custody and safekeeping is really important, it's a big, beautiful business for Northern.
[1523] Melanie Pickett: It's highly commoditized and pricing pressure is significant and growing by the day.”
Asset allocators historically relied on asset manager technology hand-me-downs
“Allocators kept getting
Investment manager hand-me-downs, or they kept getting in bed with firms that would really service their asset manager clients before them.”
Thomas: Corporate cultures operate on performance capital and relational capital
“All cultures have two forms of capital, performance capital and relational capital, but Northern Trust as an organization is a highly relational culture.”
Thomas: Northern Trust had $170B dedicated to sustainable investing strategies
“I mean, we got to the point of our 1.3 trillion at the time in assets, we had a hundred and seventy billion just dedicated. To a different sustainable investing strategies.”
Northern Trust's Front Office Solutions reached $450B in AUA
“So we have north of four hundred and fifty billion on the platform now. We launched about three and a half years ago.”
Pickett's former investment office received 30,000+ annual manager communications
“In my prior life, we received 30,000 plus communications from managers on an annual basis.”
Northern Trust integrates Citadel-acquired Omnium into Front Office Solutions
“We're taking two systems at Northern Trust. One, the front office solution system, which does have an incredible data model around alternatives, and combining that with the power of a system that we bought called Omnium, which we bought from Citadel.”
Northern Trust's Front Office Solutions has gated annual client onboarding
“To this day, we've still never made a cold call to try to get business into front office solutions.
[1565] Melanie Pickett: We've had to gate our onboardings every single year.
[1568] Melanie Pickett: We've had to gate client demand because we've had so much d…”
Asset owner business generates 20% of Northern Trust's total revenue
“It's about half of Northern's assets under custody at large, and it's about 20% of the bank's revenue, so it's a really big, important business for Northern.”
Northern Trust built middle office for $100B+ spin-out family office
“Really our second client was one of the world's largest family offices... We weren't converting off of other systems as much as trying to build the history of their book, and we did that north of a hundred billion in assets and did that for all the family memb…”