Source: Northern Trust
Northern Trust has received approval from the Central Bank of the United Arab Emirates to open a representative office in Abu Dhabi.
The establishment of a presence in the emirate is a key step for Northern Trust in continuing to develop its asset servicing, asset management and wealth management businesses in the Middle East.
"Northern Trust has been serving clients in the Middle East for over 20 years and as our substantial client-base in the region continues to increase, our long-term commitment to the Middle East has never been stronger," said Biff Bowman, Chief Executive of Northern Trust for Europe, Middle East and Africa ("EMEA"). "Establishing a base in Abu Dhabi is in line with our strategy of continuing to expand across the EMEA region and key to Northern Trust's objective of serving clients as close to their home market as possible."
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 six Gulf Co-operation Council ("GCC") countries.
Mr. Slater, said, "Each of the GCC countries needs to be considered individually, however, together they represent a sophisticated, dynamic market place. We see funds increasingly investing globally and implementing global best practice both in how they invest and administer their assets. Northern Trust's 120-year family heritage and client-centric approach, together with our world class technology platform and trusted reputation make us a natural partner for Middle East funds."