Point of View - Global Investment Solutions from Northern Trust

Voices: Andrew Smith

A review of current activity in global financial markets, with an emphasis on U.S. markets.

E-mail us at: pointofview@ntrs.com

Abu Dhabi
ADCB Tower
5th Floor
Abu Dhabi
United Arab Emirates
+9712 697 3621

Amsterdam
World Trade Centre, H-Toren
Zuidplein 36
1077 XV Amsterdam
Netherlands
+31 20 799 7994

Bangalore
2nd Floor, RMZ Ecospace,
Campus 1C
Sarjapur Outer Ring Road
Bellandur Village, Varthur Hobli
Bangalore
India 560037
+91 80 40178500

Beijing
Unit 601, Level 6, Tower W2
Oriental Plaza
No. 1 East Chang An Avenue
Dong Cheng District
Beijing
China
+8610 8520 0061

Chicago
50 South LaSalle Street
Chicago, Illinois 60603
United States
+877 651 9156

Dublin
George’s Court
54-62 Townsend Street
Dublin
Ireland
+353 1 542 2000

Guernsey
Trafalgar Court
Les Banques St. Peter Port
Guernsey GY1 3DA
+44 14 8174 5000

Hong Kong
Suite 703-4 One Pacific Place
88 Queensway
Hong Kong
+852 2918 9884

Jersey
2-6 Church Street
St. Helier
Jersey JE4 9ZF
+44 15 3483 2832

Limerick
Hamilton House 2
National Technology Park
Plassey, Limerick
Ireland
+353 1 542 2123

London
50 Bank Street
Canary Wharf
London E14 5NT
United Kingdom
+44 20 7982 2000

London’s Canary Wharf is home to the United Kindom’s three tallest buildings, as well as Northern Trust’s offices. Northern Trust has had a presence in London for four decades.

Luxembourg
4th floor Rose des Vents
16 rue Erasme
L-1468 Kirchberg
Luxembourg L-1468 LU
+35 227 627 2220

Melbourne
Level 27
101 Collins Street
Melbourne 3000
Victoria, Australia
+61 3 9653 7482

New York
65 East 55th Street
24th Floor
New York, New York 10022
United States
+212 339 7474

Singapore
One George Street
#12-06
Singapore 049145
+65 6 437 6666

Stamford
300 Atlantic Street, Suite 400
Stamford, Connecticut 06901
United States
+203 351 8700

Tokyo
Izumi Garden Tower
6-1 Roppongi 1-chome
Minato-ku
Tokyo
Japan 106-6010
+81 3 5575 5780

Toronto
145 King Street West, Suite 1910
Toronto, Ontario
Canada M5H 1J8
+416 365 7161

Past performance is not necessarily a guide to the future. Index performance returns do not reflect any management fees, transaction costs or expenses. One cannot invest directly in an index. Index performance is based upon information provided by the index providers. There are risks involved with investing, including possible loss of principal. There is no guarantee that the investment objectives of any fund or strategy will be met. Risk controls and asset allocation models do not promise any level of performance or guarantee against loss of principal.

This material is directed to eligible counterparties and professional clients only and should not be relied upon by retail investors. For Asia Pacific markets, it is directed to accredited investors, institutional investors, expert investors and professional investors only and should not be relied upon by retail investors. This information is provided for informational purposes only and does not constitute a recommendation for any investment strategy or product described herein. This information is not intended as investment advice and does not take into account an investor’s individual circumstances. Opinions expressed herein are subject to change at any time without notice. Information has been obtained from sources believed to be reliable, but its accuracy and interpretation are not guaranteed.

Northern Trust Global Investments (NTGI) comprises Northern Trust Investments, N.A., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K., the investment advisor division of The Northern Trust Company and Northern Trust Global Advisors, Inc., and its subsidiaries. Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency. Northern Trust operates in Australia as a foreign authorized deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority. Northern Trust operates in China as a Representative Office and is regulated by the China Banking Regulatory Commission. Northern Trust in Hong Kong is a securities company regulated by the Securities and Futures Commission. Northern Trust in Singapore is a foreign wholesale bank regulated by the Monetary Authority of Singapore.