Global law firm Norton Rose Fulbright has acted as a legal adviser to Northern Trust on the first commercial deployment of blockchain technology for private equity fund administration.
Northern Trust together with IBM and other stakeholders launched a blockchain based on open source Linux Foundation Hyperledger Fabric for the administration of a private equity fund. The fund, domiciled in Guernsey, is managed by Swiss asset manager Unigestion which has over USD23 billion in assets under management.
The blockchain solution allows the fund to transfer ownership stakes and be managed, serviced and audited throughout the investment lifecycle on a transparent but secure platform.
The network provides real-time insight and transparency to fund managers and investors as well as allowing regulatory access when required. Initially, Northern Trust will make the solution available to clients on a selective basis.
The Norton Rose Fulbright team advising on UK and other international legal aspects of the deal was led by partner Imogen Garner, who co-heads the firm’s FinTech regulatory practice, and included Albert Weatherill, Marcus Evans, Lara White and Judy Harrison.
Carey Olsen, led by partners Tom Carey and Mark Dunster and including counsel Richard Field, advised Northern Trust and Unigestion on all Guernsey law aspects of the launch. Mark and Richard advised Northern Trust, whilst Tom advised Unigestion.
Imogen Garner commented: “There have been many exciting advances in the financial technology sector and in particular in the area of blockchain. We were delighted to work with Northern Trust on this innovative project in the private equity space.”
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