Northern Trust is opening an office in Riyadh, the capital city of the Kingdom of Saudi Arabia. It will serve the custodian bank’s growing client base in the area.
Northern Trust has provided asset servicing and asset management expertise to clients across the Middle East since 1987. It also has an office in Abu Dhabi, United Arab Emirates.
“We are excited to expand our presence in the dynamic Middle East region with a new office in the Kingdom of Saudi Arabia, especially at a time when the Kingdom’s economy is growing and diversifying,” said Frederick H. Waddell Northern Trust’s chairman and CEO. “The Kingdom of Saudi Arabia has the largest economy of the six Gulf Co-operation Council countries, making it strategically important not just to Northern Trust, but also to our clients operating from and doing business there.”
Michael Slater has been named head of Northern Trust’s new office and is based in Riyadh. His responsibilities include overall management of the office and leading the development of key strategic relationships with prospective and existing clients in the Kingdom, such as sovereign wealth funds, central banks, pension funds, asset managers, other institutional investors and wealthy families.
Slater joined Northern Trust in 2005 to lead asset servicing business development in the Middle East.
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