Back to top

Image: Bigstock

Northern Trust (NTRS) Obtains License to Expand Swiss Business

Read MoreHide Full Article

Northern Trust Corporation (NTRS - Free Report) is on track to continue bringing new capabilities to the Swiss market, as it recently obtained regulatory approvals to offer local custodian, depositary, transfer agency and other ancillary services in the country.

This will enable the company to expand its asset servicing and investment solutions for Swiss institutional investors and managers.

Marco Wiegmann, who joined Northern Trust Switzerland last September, has been appointed to lead the new Depotbank, and will be responsible for the Swiss custodian, depositary and transfer agency services within the Depotbank.

The head of Northern Trust in Switzerland, Wim van Ooijen, noted, "We’re pleased to continue to expand our local capabilities, demonstrating our commitment to this strategically important market. This key milestone in our growth strategy supports our important client franchise, which includes some of the world’s most sophisticated asset owners and asset managers, and consolidates our position as a premier asset servicing partner in Switzerland."

The firm has more than 30 years of experience in providing a mammoth array of asset servicing and investment solutions to Swiss clients. In 2017, the company established its presence in Basel, following the acquisition of UBS Group AG’s (UBS - Free Report) Asset Management’s fund administration servicing units in Luxembourg and Switzerland.

Per the head of Global Fund Services for Europe, the Middle East and Africa at Northern Trust, Clive Bellows, the company’s new competencies are not only a milestone in its long-term depositary growth story but also enhance management’s calculated focus on fostering business across continental Europe.

We believe the Depotbank license will further fortify Northern Trust’s position as a market pioneer in the region, offering innovative asset servicing solutions to clients and managers.

The stock has gained 28.3% over the past six months, underperforming 34.3% growth recorded by the industry it belongs to.

Zacks Investment ResearchImage Source: Zacks Investment Research

Northern Trust currently carries a Zacks Rank #3 (Hold).

Stocks to Consider

Equity Bancshares, Inc. (EQBK - Free Report) has witnessed a 20.31% upward earnings estimate revision for 2021 over the past 60 days. Also, the company’s shares have surged 94.4% in the past year. It sports a Zacks Rank #1 (Strong Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

Park National Corporation’s (PRK - Free Report) estimate for the current-year earnings moved 8.6% north in 30 days’ time. In addition, the company’s shares have rallied 79.8% over the past year. It also flaunts a Zacks Rank #1, currently.

Zacks' Top Picks to Cash in on Artificial Intelligence

In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.

See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>