-Northern Trust opens new office in Middle East.
Global Banking News - 10 September 2013
Northern Trust (NASDAQ: NTRS), a provider of investment management, asset and fund administration, banking solutions and fiduciary services, is expanding its global presence with the opening of an office in Riyadh, capital city of the Kingdom of Saudi Arabia.
'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,' said Northern Trust chairman and chief executive officer Frederick H. Waddell. Northern Trust has been serving clients across the Middle East since 1987. In addition to the office in the Kingdom of Saudi Arabia, Northern Trust also has an office in Abu Dhabi, United Arab Emirates.
Michael Slater has been named head of Northern Trust's new office, to be 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 Trust's Abu Dhabi office. In his new role, he will continue to report to Sheldon Woldt, head of Northern Trust in the Middle East.
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