Northern Trust has set up Digital Assets and Financial Markets group, combining its digital and traditional market functions.

The new group will be led by Justin Chapman who currently is global head of Market Advocacy Innovation and Research at the firm.

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It consists of teams responsible for supporting the digital asset markets and those working to provide market access and insights across the traditional securities services markets.

Northern Trust Asset Servicing president Pete Cherecwich said: “Clients are increasingly interested in the development of digital markets and investing in digital assets, alongside allocations to more traditional asset classes such as equities, fixed income, alternatives and private assets.”

 Cherecwich added that aligning the firm’s focus on digital and traditional markets, rather than creating separate business line, will allow it to develop services and capabilities that enable clients’ evolving investment strategies.

Commenting on the development, Chapman added: “Traditional and digital markets already co-exist and the boundaries between the two will only continue to blur over time.

“At the same time as more institutional investors are entering the digital arena, the rest of the securities industry is also facing an unprecedented amount of change arising from new regulation, market evolution and the development of emerging technology capabilities.

“For investors wishing to navigate this environment, our new combined group will provide access to market-leading expertise, industry insights and continued innovations across all markets and all asset classes.”

Earlier this week, Northern Trust opened a new office in Jacksonville, further expanding its footprint in Florida.