Northern Trust, the Chicago-based banking group, has launched its "Wealth Passport", a technology-led system which provides high net worth f...

Northern Trust, the Chicago-based banking group, has launched its "Wealth Passport", a technology-led system which provides high net worth families, family offices and their advisors with a snapshot of their exact wealth at any given point in time.

Northern Trust said it was prompted by a dramatic increase in the number of high net worth households worldwide, recently portrayed in the lastest Merrill Lynch Cap Gemini World Wealth Report.

The number of family offices serving the ultra wealthy have also continued to climb year on year.

The Wealth Passport uses software applications to provide a "behind-the-scenes integration of all of a family's assets on their desktop".

This can include assets varying from a wine collection to the position a family has in a hedge fund. It can also deliver a net worth summary for each family member.

Northern Trust’s technology has been already been rolled out to some 340 family offices, family members and advisors.

Steve Appell, director of sales and marketing for Northern Trust's Wealth Management Group, said in a statement: "Confronted by complex issues such as tax shelters, asset structuring, multiple asset classes, international investment options, and estate and tax planning concerns, ultra high net worth families can no longer afford to employ a fragmented wealth management strategy."

According to Northern Trust, family offices spend 44 hours per month pulling together data for a single financial statement.

Mr Appell said his clients are ultimately looking for a single live balance sheet and net worth statement that automatically updates assets, liabilities, and net worth constantly.