Northern Trust (Nasdaq: NTRS) is expanding its global footprint with the opening of an office in Riyadh, capital city of the Kingdom of Saudi Arabia, to serve its growing Middle East client base and to support opportunities for continued new business in the region.
Northern Trust has been serving clients across the Middle East since 1987, providing asset servicing and asset management expertise. In addition to the office in the Kingdom of Saudi Arabia, Northern Trust also has an office in Abu Dhabi, United Arab Emirates.
We are excited to expand our presence in the dynamic Middle East region with a new office in the Kingdom of Saudi Arabia, especially at a time when the Kingdoms economy is growing and diversifying, Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell said. The Kingdom of Saudi Arabia has the largest economy of the six Gulf Co-operation Council countries, making it strategically important not just to Northern Trust, but also to our clients operating from and doing business there.
Michael Slater has been named head of Northern Trusts new office and is based in Riyadh. His responsibilities include overall management of the office and leading the development of key strategic relationships with prospective and existing clients in the Kingdom, such as sovereign wealth funds, central banks, pension funds, asset managers, other institutional investors, and wealthy families.
Slater joined Northern Trust in 2005 to lead asset servicing business development in the Middle East. In 2008, he was appointed head of Northern Trusts Abu Dhabi office. In his new role, he will continue to report to Sheldon Woldt, head of Northern Trust in the Middle East.
Northern Trust brings experience in serving sophisticated institutional and high net worth investors, a long, proven track record of doing business on a global scale and more than 25 years of working closely with Middle East clients, Woldt said. Having a presence in the Kingdom is in line with our commitment to serve our clients as close to their home market as possible. With our more than 120-year heritage of service, expertise and integrity, our presence in Riyadh positions Northern Trust to continue to deliver solutions and services that best meet the evolving requirements of the regions sophisticated investors.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and Washington, D.C., and 17 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2013, Northern Trust had assets under custody of US$5.0 trillion, and assets under investment management of US$803.0 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at http://www.northerntrust.com/disclosures
The Northern Trust Company of Saudi Arabia is a Closed Joint Stock Company regulated and licensed by the Capital Market Authority of Saudi Arabia, license no. (26-12163).
On 12 September 2012, The Capital Market Authority of Saudi Arabia granted The Northern Trust Company of Saudi Arabia its initial license for Managing Investment Funds and Client Portfolios, Advising and Custody Securities Business in the Kingdom of Saudi Arabia. It will commence its business very soon upon the final authorization from the Authority.