Northern Trust selects Saudi Arabia for Mena HQ

Global custodian Northern Trust is to set up a new office in Riyadh which will serve as its headquarters for the Mena region.

The decision will be welcomed by the Saudi authorities that have looked to become more aggressive in their strategy to attract asset servicers to the Kingdom.

Saudi regulators have brought in a requirement for asset servicers to have a physical presence in the country if they are to service Saudi-domiciled funds, which is due to take effect in January.

Northern Trust also recently received a licence from the Ministry of Investment to operate in Riyadh.

“The establishment of our Mena regional headquarters in Saudi Arabia reflects continued investment in infrastructure, capabilities and expertise in the region,” said a Northern Trust spokesperson.

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