New License Underscores Commitment to Middle East
Northern Trust (Nasdaq: NTRS) today announces the continued focus on its business in the United Arab Emirates with the establishment of its branch office in Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi.
Northern Trust, which first opened a representative office in Abu Dhabi in 2008, will under the terms of its branch license, offer its range of asset servicing and asset management solutions directly to institutional investors and affluent individuals across the region.
“The establishment of a branch office in ADGM underscores our continued commitment to Abu Dhabi and the wider Middle East region,” said Teresa Parker, CEO* for Northern Trust in Europe, Middle East, Africa. “We are pleased to collaborate with local regulators and partners in the region to help grow our business in a strategic way and build on our existing franchise.”
Northern Trust has two offices in the Middle East – in Abu Dhabi and Riyadh, the Kingdom of Saudi Arabia. It has serviced clients across the region for more than 30 years and has seen its assets under administration in the Middle East increase by more than US$100 billion in 2016.
“Northern Trust has a long history of servicing clients across the region, and we look forward to our continued collaboration with ADGM at the Abu Dhabi’s financial free zone,” said Robert Frazer, head of Northern Trust in the Middle East. “We see significant opportunity to bring our institutional level offering to asset managers, sovereign wealth funds and wealthy families across the region.”
Richard Teng, Chief Executive Officer of Financial Services Regulatory Authority of ADGM said, “We welcome Northern Trust to the ADGM family and congratulate them on the opening event. Internationally recognised as one of the key industry leaders in the global markets,
Northern Trust’s affirmation and presence add to the breadth of the asset management and asset servicing community in Abu Dhabi. We look forward to Northern Trust supporting the dynamic needs of our investment community. ADGM believes that nurturing a long and successful relationship with stakeholders such as Northern Trust is a key cornerstone of building a world-class financial centre.”