Sunday, 8th November 2009

 

2 April 2008 - David Bain

Northern Trust to open Abu Dhabi office

Michael Slater, who has been named chief representative for the new unit, will oversee Northern Trust's business development initiatives across its asset servicing, asset management and wealth management businesses

Northern Trust, a Chicago-based multi-bank holding company, has received approval from the UAE Central Bank to open a representative office in Abu Dhabi, according to a Gulf News report.

Michael Slater, who joined Northern Trust in 2005 to lead the asset servicing business development programme in the Middle East, has been named chief representative of the Abu Dhabi office. In his new role, he will oversee Northern Trust's business development initiatives across its three main business areas, focusing on the Gulf Co-operation Council.

The move marks a key step for Northern Trust in continuing to develop its asset servicing, asset management and wealth management businesses in the Middle East. As of December 31, the company had assets under custody of $4.1 trillion (€2.6 trillion), and assets under investment management of $757.2bn.

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