Northern Trust opens Seoul office
Major custodian, Northern Trust has opened a representative office in the South Korean capital, Seoul as part of an Asia-Pacific expansion strategy.
Announcing the move this week, the company said the office opening had followed its receipt of approval from South Korea's Financial Services Commission (FSC) in September 2014.
Commenting on the expansion, Northern Trust chairman and chief executive, Frederick Waddell said it supported the company's continuing expansion of its solutions to institutional clients in South Korea.
"South Korea is one of the world's fastest growing economies," he said. "Having a local presence in this dynamic market is also part of our strategy of supporting our clients as close to their home market as possible, as well as being part of the local business community."
Waddell noted that the Asia-Pacific was the fastest-growing global region for Northern Trust, with assets under custody growing at an annual rate of 13 per cent from 2009 through 2014
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