Northern Trust Corporation ( NTRS Quick Quote 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 Quick Quote 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. Image Source: Zacks Investment Research
Northern Trust currently carries a Zacks Rank #3 (Hold).
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