Northern Trust gets approved in China
01 September 2010 Beijing
Image: Shutterstock
Northern Trust announced that its application for a branch license in Beijing has been approved by the China Banking Regulatory Commission (CBRC). The authorization by the CBRC marks a milestone for Northern Trust, which has had a representative office in Beijing since 2005.
"Institutional investors in China and the Asia-Pacific region have turned to Northern Trust as a strong, stable financial partner with a commitment to the development of domestic financial institutions as sophisticated global investors," said Northern Trust Chairman and CEO Frederick H. Waddell. "With its dynamic economy and emerging opportunities for overseas investment, China is a strategic focus for Northern Trust. Authorization of Beijing branch will allow us to help our clients pursue their goals and bring the full Northern Trust client experience to the Chinese marketplace."
The Northern Trust Company Beijing Branch will support institutional clients in China with global custody, accounting, performance measurement and investment mandate compliance monitoring services. The branch license allows Northern Trust to provide client services directly from the Beijing office, rather than from Singapore or Hong Kong, as is required with a representative office. The Beijing branch will play a key role in Northern Trust's continuing growth in the Asia-Pacific region, where assets under custody grew by 80 percent in 2009. Over the past three years, Northern Trust has grown its staff in the region to more than 2,000 employees at its offices in Beijing, Hong Kong, Singapore, Tokyo, Melbourne and Bangalore.
"Our strong track record of providing customized service to Chinese clients reflects Northern Trust's commitment to our clients and our desire to serve as a long-term partner to support growth of the Chinese financial industry," said Teresa A. Parker, Chief Executive Officer of the Asia Pacific region for Northern Trust. "With the approval of a banking branch license, we can build Northern Trust's local infrastructure, strengthen our service capabilities and enhance opportunities for sales and business development in China."
Northern Trust's presence in China dates to 1999, when it began a cooperative relationship with the Bank of Communications. In 2002, Northern Trust began consultation with China's National Council for Social Security Fund (NCSSF) in preparation for its investment in overseas equities markets. After receiving approval to open a Representative Office in 2005, Northern Trust was appointed as global custodian for both the NCSSF and Bank of Communications, and has continued to develop its custody and asset servicing business in China.
Northern Trust has provided global custody portfolio reporting in Chinese to institutional clients since 2005, including Chinese-language web pages for investment reporting -- an innovation that dramatically improved accessibility and transparency for institutional Chinese clients. Northern Trust is also a leader in developing solutions to support IFRS7 financial reporting for global investors in Asia.
"This is an exciting moment for Northern Trust and a significant achievement in our strategy to grow our business in China," said Michael Wu, Chief Representative for Northern Trust in Beijing. "Over the past decade, Northern Trust has worked with Chinese companies and institutions to develop the financial infrastructure to support overseas investment programs. With this branch license, we can expand the service solutions we provide to current clients and further strengthen Northern Trust in the Chinese asset servicing market."
"Institutional investors in China and the Asia-Pacific region have turned to Northern Trust as a strong, stable financial partner with a commitment to the development of domestic financial institutions as sophisticated global investors," said Northern Trust Chairman and CEO Frederick H. Waddell. "With its dynamic economy and emerging opportunities for overseas investment, China is a strategic focus for Northern Trust. Authorization of Beijing branch will allow us to help our clients pursue their goals and bring the full Northern Trust client experience to the Chinese marketplace."
The Northern Trust Company Beijing Branch will support institutional clients in China with global custody, accounting, performance measurement and investment mandate compliance monitoring services. The branch license allows Northern Trust to provide client services directly from the Beijing office, rather than from Singapore or Hong Kong, as is required with a representative office. The Beijing branch will play a key role in Northern Trust's continuing growth in the Asia-Pacific region, where assets under custody grew by 80 percent in 2009. Over the past three years, Northern Trust has grown its staff in the region to more than 2,000 employees at its offices in Beijing, Hong Kong, Singapore, Tokyo, Melbourne and Bangalore.
"Our strong track record of providing customized service to Chinese clients reflects Northern Trust's commitment to our clients and our desire to serve as a long-term partner to support growth of the Chinese financial industry," said Teresa A. Parker, Chief Executive Officer of the Asia Pacific region for Northern Trust. "With the approval of a banking branch license, we can build Northern Trust's local infrastructure, strengthen our service capabilities and enhance opportunities for sales and business development in China."
Northern Trust's presence in China dates to 1999, when it began a cooperative relationship with the Bank of Communications. In 2002, Northern Trust began consultation with China's National Council for Social Security Fund (NCSSF) in preparation for its investment in overseas equities markets. After receiving approval to open a Representative Office in 2005, Northern Trust was appointed as global custodian for both the NCSSF and Bank of Communications, and has continued to develop its custody and asset servicing business in China.
Northern Trust has provided global custody portfolio reporting in Chinese to institutional clients since 2005, including Chinese-language web pages for investment reporting -- an innovation that dramatically improved accessibility and transparency for institutional Chinese clients. Northern Trust is also a leader in developing solutions to support IFRS7 financial reporting for global investors in Asia.
"This is an exciting moment for Northern Trust and a significant achievement in our strategy to grow our business in China," said Michael Wu, Chief Representative for Northern Trust in Beijing. "Over the past decade, Northern Trust has worked with Chinese companies and institutions to develop the financial infrastructure to support overseas investment programs. With this branch license, we can expand the service solutions we provide to current clients and further strengthen Northern Trust in the Chinese asset servicing market."
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