Northern Trust, a US-based financial powerhouse and a global provider of asset administration and asset management, is starting its captive centre in Bangalore. | |
| The centre, which will employ around 200 securities operations professionals, will support Northern Trust's growing international businesses in the Asia-Pacific region and worldwide. Northern Trust currently has over 4,000 operations and technology staff employed around the world. |
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| David Wicks, senior vice president and previously based in London, will head the new Bangalore office. Nothern Trust joins a long list of financial conglomerates such as J P Morgan, Fidelity, Deutsche Bank making a beeline to India to set up their captive technology and processing centres in Bangalore. |
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| Northern Trust, founded in 1889 provides investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a multibank holding company based in Chicago, has a growing network of 84 offices in 18 US states and has international offices in 13 locations in North America, Europe and the Asia-Pacific region. As of June 30, 2006, Northern Trust had assets under custody of $3.2 trillion, and assets under investment management of $640 billion. |
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| "Northern Trust's global delivery model is an integral part of our long-term growth strategy and success," said Timothy J Theriault, President, Worldwide Operations and Technology, Northern Trust. |
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| "Globally invested assets now account for almost 50 per cent of Northern Trust's $2.9 trillion in institutional assets under custody, and some of our largest clients are located in the Asia-Pacific region," he added. |
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| The Asia-Pacific region represents a rapidly growing market opportunity for Northern Trust. The company has offices in Beijing, Hong Kong, Singapore, and Tokyo, and services clients in over 40 countries worldwide. |
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| "This new office will allow us to enhance our global value proposition by further ensuring continued 24x7 operational support for all our clients, particularly those in the Asia-Pacific region," added Theriault. |
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| "This new centre will augment our existing operations in North America and Europe. Chicago and London, in addition to Guernsey, Dublin and our newest planned centre in Limerick, will remain major regional operating centres. Client-centric activities such as call centre support or direct client relationship management will also remain within local markets around the world." |
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| Commenting on the Bangalore centre, David Wicks said, "We have a professional and talented staff, and this is an exciting opportunity for Northern Trust to further enhance and grow our global operating model as we expand our international footprint. Our new office will provide a high-quality, Northern Trust-staffed solution to our international operational needs in the region, as well as provide additional back-up security and duality for our operational partners around the globe." |
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