Northern Trust has set up a branch office in the Abu Dhabi Global Market (ADGM), a recently established financial free zone.
The branch will help to meet a need for asset servicing in ADGM, which is hoping to become a hub for asset managers to rival the nearby Dubai International Financial Centre (DIFC). Northern Trust says it will also offer asset management to institutions and high-net-worth individuals from its branch.
“We see significant opportunity to bring our institutional level offering to asset managers, sovereign wealth funds and wealthy families across the region,” said Robert Frazer, head of Northern Trust in the Middle East.
Northern Trust has operated an office in Abu Dhabi since 2008 and also has an office in Riyadh, Saudi Arabia. The firm says its assets under administration in the Middle East rose by $100 billion last year.
Globally, the US-based firm has assets under custody of more than $7 trillion.
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