Northern Trust is expanding its global footprint with the opening of an office in Saudi Arabia's capital, Riyadh.
Northern Trust has been serving clients across the Middle East since 1987, providing asset servicing and asset management expertise. In addition to the office in the Kingdom of Saudi Arabia, Northern Trust 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 [Saudi Arabia], especially at a time when [its] economy is growing and diversifying,” Northern Trust chairman and CEO Frederick Waddell said.
“[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. In 2008, he was appointed head of Northern Trust’s Abu Dhabi office. In his new role, he will continue to report to Sheldon Woldt, head of Northern Trust in the Middle East.
“Northern Trust brings experience in serving sophisticated institutional and high net worth investors, a long, proven track record of doing business on a global scale and more than 25 years of working closely with Middle East clients,” Woldt said.
“Having a presence in the Kingdom is in line with our commitment to serve our clients as close to their home market as possible. With our more than 120-year heritage of service, expertise and integrity, our presence in Riyadh positions Northern Trust to continue to deliver solutions and services that best meet the evolving requirements of the region’s sophisticated investors.”
