US-based Northern Trust has been granted
approval by Swedish and UK authorities to expand asset management
services to serve clients across the Nordic region, as part of the
strategy to grow its business across Europe.
The licence received from the Swedish
Financial Supervisory Authority and the UK Financial Services
allows the bank to offer asset management products and services to
investors across the Nordic region, directly from its Stockholm
office.
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The approval comes after the bank recently announced it will
offer asset management solutions to clients across Benelux
(Belgium, The Netherlands and Luxembourg), from its Amsterdam
office.
Serving clients better
The Stockholm office first opened in September 2009 to offer
asset servicing products and services to its Nordic clients.
Northern Trust Global Investments EMEA managing director, John
Krieg, said that the bank will better serve Nordic clients with a
presence in their home market and expand the Northern Trust Global
Investments (NTGI) business’ global footprint.
Asia-Pacific development
Two months ago, Northern Trust announced the opening of its
first branch in Beijing, China, enforcing its drive for global
expansion.
The bank said that since 2007, it has grown
its staff in the Asia-Pacific region to more than 2,000 employees
at its offices in Beijing, Hong Kong, Singapore, Tokyo, Melbourne
and Bangalore.
Northern Trust global assets under management
stood at $643.6 billion as of 31 December 2010.
