Northern Trust has stated it intends to grow its asset servicing business in Australia, with a significant increase in assets and the addition of new staff in its Melbourne office.
Christopher Thomson has joined as business development manager, a key role as Northern Trust aims to build on its base of 14 institutional clients with AU$137 billion in assets under custody in Australia and New Zealand.
With the addition of Thomson and other professionals, Northern Trust's team in Australia has grown by 54 percent in 2012. This, the company stated, is to support existing clients and prepare for future growth in master custody and middle office services for superannuation funds, investment managers, insurance companies and sovereign wealth funds.
"Strategically, Australia is a key market for Northern Trust, and we continue to invest in people and global capabilities to meet the needs of our growing client base of sophisticated institutional investors," said Rohan Singh, managing director for Northern Trust Australia.
As a result of its growth, Northern Trust has secured additional space at 80 Collins Street, Melbourne. Key appointments over the past two years include senior positions in investment operations outsourcing, custody relationship management and product management, including investment risk and analytical Services.
Thomson comes to Northern Trust with three decades of financial industry experience, most recently as a sales and relationship manager with J.P. Morgan Treasury Services in Australia. He has also served as a client relationship manager and investment operations manager with other firms in Australia, including Goldman Sachs JBWere and State Street Australia. Thomson reports to Jeremy Hester, head of business development for Northern Trust Australia.
"Chris Thomson brings strong investment management and product knowledge and extensive operational and strategic management experience in Australia, which will be valuable to Northern Trust and our clients," Hester said.
"The addition of Chris to our growing staff reflects Northern Trust's ongoing commitment to the Australian and New Zealand markets."
Since entering the Australia market in 2006, Northern Trust has grown to AU$137 billion in assets under custody and in excess of AU$60 billion (for three investment operations outsourcing clients), in assets under administration as of 30 June 2012.
Recent client wins include the AU$24 billion Commonwealth Superannuation Corporation (CSC), (ex ARIA and Military Superannuation Board) and Queensland Investment Corporation (QIC), an Australian institutional fund manager, for middle office outsourcing.
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