Northern Trust has moved its Saudi Arabian operation into a larger office in the capital, Riyadh, as it expands its local team.
The company set up an office in Saudi Arabia in 2013 when Michael Slater, formerly head of the Abu Dhabi office, relocated to Riyadh.
A statement from Slater says "the relocation will enable Northern Trust to continue to expand our team and serve our clients at a time when the kingdom's economy is growing and diversifying, and our clients prepare for and adjust to regulatory changes".
Northern Trust is one of a handful of international asset servicing firms hoping to win market share in the growing Saudi market. HSBC and Deutsche Bank are also established locally, along with the custody units of several Saudi banks.
The regulatory changes referred to in Slater's statement include the planned opening of the Saudi stock market, the Tadawul, to direct investment from qualified foreign institutions in the first half of this year.
Another eagerly await development is a new set of fund regulations that some expect to clarify the roles of custodians and fund administrators in the kingdom.
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