CHINA - Northern Trust has announced plans to open an office in Beijing in line with its goal to develop its international global custody, asset administration and investment management businesses in mainland China.
The firm said it had received official approval from the China Banking Regulatory Commission (CBRC).
Kevin Tan, who has been with Northern Trust for 12 years, will head up the firm’s business development in the market from the Beijing office as chief representative in China.
“China is a vast, dynamic market and receiving this approval is an important step in executing our long term strategy for developing our international businesses in the region,” said Stephen Potter, group head of Northern Trust’s international businesses in London.
“We are of the view that China has the potential to establish one of the largest financial services industries in the world. Northern Trust in Ireland is already working with the World Bank’s International Finance Corporation providing consultancy services to China’s National Council for Security Fund.
“We are very excited about the prospect of opening a representative office in Beijing that will enable us to work more closely with Chinese institutional investors to more effectively anticipate and fulfil their needs.”
Northern Trust and its asset management arm, Northern Trust Global Investments, have offices in Hong Kong, Singapore and Tokyo.
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