Northern Trust Asset Management has agreed to buy Belvedere Advisors for an undisclosed sum.

California-based Belvedere will operate as an independent and wholly-owned subsidiary of Northern Trust Investments post deal closure at the end of 2019.

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Belvedere operates a digital investment advice platform called Emotomy.

An open-architecture offering, Emotomy offers access to various investment options and custodial providers, enabling advisers to choose from pre-constructed models or build their own.

Emotomy incorporates a range of tools covering portfolio research and construction, tailored client demographic profiling, account reviews, billing and performance reporting.

Northern Trust Asset Management head of digital investment advice Sabrina Bailey said: “We are fully committed to supporting, expanding and investing in the Emotomy platform so users will continue to benefit from its state-of-the-art functionality and user-friendly experience.”

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The transaction is pending regulatory approval.

Belvedere CEO Patrick Beaudan said: “With Northern Trust Asset Management, we have found a partner equally committed to our vision of delivering an innovative technological solution that provides advisers with flexible choices and access to leading investment management solutions.”

Other recent Northern Trust deals

In October last year, Northern Trust invested in Parilux Investment Technology to bolster its front office solutions business.

Earlier in 2018, Northern Trust purchased the software development rights of Omnium technology platform from hedge fund manager Citadel.