Northern Trust has agreed to acquire hedge fund administrator Omnium for an undisclosed amount.

Omnium has around $70 billion in assets under administration. Under the terms of the agreement, Omnium will be integrated into Northern Trust's corporate and institutional services business unit as Northern Trust Hedge Fund Services.

Northern Trust said the new entity will offer technology and expertise to serve hedge funds and large institutional investors with complex portfolios. It will offer services such as trade processing, valuation, real-time reporting, cash management, accounting, collateral management, and investor servicing.

"The acquisition results in a unique opportunity to scale a world-class business," said Frederick Waddell, the chairman and chief executive of Northern Trust.