Northern Trust Announces a Partnership with Novata, Adding Private Markets Data and Benchmarking Capabilities to Whole Office Strategy



CHICAGO, November 2, 2023 – Northern Trust (Nasdaq: NTRS) has reached an agreement to make available Novata’s ESG data management software solution to Northern Trust asset servicing clients, following a strategic investment in the company.

The addition of Novata’s data management solution is an extension of Northern Trust’s Whole Office strategy that will provide asset owners a clearer view of the ESG impact of private companies on investment portfolios and simplify the ESG data collection process for investors and portfolio companies. Northern Trust Whole Office facilitates client access to new technologies, services, and solutions across the investment lifecycle.

“We are committed to a strategy that combines Northern Trust’s global architecture with innovative partners like Novata to help clients maximize the value of their data and optimize investment performance,” said Pete Cherecwich, President of Asset Servicing at Northern Trust. “As the demand for ESG data continues to grow, we believe Novata’s industry-leading technology platform will be a valuable tool for private market investment firms to evaluate and manage their ESG risks and opportunities. Through our Whole Office partnerships, Northern Trust clients across the globe can access advanced technology, skills, and services designed to help them make more informed decisions.”

In April 2023, Northern Trust participated in the Series B funding round for Novata, a certified B Corporation and technology platform that was founded as a public benefit corporation by a unique consortium of non-profit and for-profit organizations. Novata offers the technology and expertise to streamline and simplify ESG data management for the private markets. The platform provides clear definitions, guidance for tools for calculating ESG metrics, hands-on support from ESG experts, and market-leading benchmarking and analytics to easily review data in context and compare to industry peers.

Novata’s metric library includes more than 800 metrics that align with widely accepted standards and frameworks, making it simple to identify a clear starting point for ESG data collection and reporting. Key metrics offered and tracked by the Novata platform cover environmental categories such as greenhouse gas (GHG) emissions, renewable energy use, and water/wastewater management; social categories such as employee engagement, diversity & inclusion, and data security; and governance factors such as board diversity, business ethics, corruption and bribery, and systemic risk management. Novata’s flexible platform enables a customized ESG reporting approach so users can focus on the metrics that matter most to them and their stakeholders.

“Today, private companies and their investors face increasing pressures when it comes to issues of ESG and sustainability,” said Alex Friedman, CEO and co-founder of Novata. “The Novata platform offers an enterprise solution for private market investors to collect, store, analyze, and report on relevant ESG data, equipping its users to meet their sustainability challenges with ease and confidence.”

About Novata

Novata is a certified B Corporation that empowers the private markets to achieve a more sustainable and inclusive form of capitalism. Novata’s technology platform makes navigating the ESG landscape simple for private markets by identifying a clear starting point for selecting the metrics that matter, streamlining data collection, and contextualizing data to drive reporting and action. Novata serves more than 5,000 companies in more than 20 countries and is backed by the Ford Foundation, Hamilton Lane, Microsoft Omidyar Network, and S&P Global. For more information, please visit

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management, and banking to corporations, institutions, affluent families, and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 25 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East, and the Asia-Pacific region. As of September 30, 2023, Northern Trust had assets under custody/administration of US$14.2 trillion, and assets under management of US$1.3 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity, and innovation. Visit us at Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at



Related Content

Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

      Error: Contact form not found.

      The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

      Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

      Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

      The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

      Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

      Request Nomination Pack

      Error: Contact form not found.