ASSET manager and banking solutions provider Northern Trust Corp. formally opened on Tuesday its new Manila back office.
Northern Trust Chairman and CEO Frederick H. Waddell said the office in Bonifacio Global City in Taguig will support processing and back-office functions for Northern Trust’s global clients.
Waddell said the Manila office is Northern Trust’s third Asia-Pacific office established this year and will support its growing international business across the region.
“The Philippines is a thriving country with a growing pool of talented, educated individuals.
We are expanding our global operating centers of excellence and offering our clients increased support in their time zone,” Waddell said.
“The Philippines is extremely important to us. The Manila office will play a key role in the continued focus on supporting our clients in Asia Pacific and around the world,” he told reporters.
The company has hired 160 Filipino employees and targets to increase it to 500 in three to five years.
“With employees worldwide dedicated to working on leading-edge technology and operations, and investment of $2.2 billion on a rolling two-year period, we continue to invest in our technology and infrastructure,” he added.
Asia Pacific is the fastest-growing global region for Northern Trust, with assets under custody growing at an annual rate of 25 percent from 2008 through 2013. Its assets under management grew by more than 15 percent annually over the five-year period.
In October Northern Trust established an office in Seoul, South Korea. Earlier this year, it opened an office in Kuala Lumpur, Malaysia.
Northern Trust Corp. is a leading provider of asset servicing, fund administration, asset management, fiduciary and banking solutions for corporations, institutions, families, and individuals worldwide.
Chicago-based Northern Trust has offices in 19 states, in Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region.
As of September 30, 2014, Northern Trust had assets under custody of $5.9 trillion, and assets under investment management of $923.3 billion.