Copying and distributing are prohibited without permission of the publisher
Northern Trust opens Saudi Arabia office
10 September 2013
Michael Slater to move from Abu Dhabi to lead effort
Northern Trust has expanded its services in the Middle East with the opening of an office in Riyadh, Saudi Arabia and the appointment of Michael Slater to lead the new office.
The firm said its expansion would help it better serve its growing Middle East client base and allow it to grow its business in the region, where it has been active for over 25 years.
Northern Trust also has an office based in Abu Dhabi, in the United Arab Emirates, which is currently led by Slater.
Slater's responsibilities will include the management of the Saudi office and the development of key relationships with existing clients and prospective clients, including sovereign wealth funds, wealthy families, central banks, pension funds, asset managers and other institutional investors.
Northern Trust chairman and chief executive, Frederick Waddell, said: "We are excited to expand our presence in the dynamic Middle East region with a new office in the Kingdom of Saudi Arabia, especially at a time when the Kingdom's economy is growing and diversifying.
"The Kingdom of 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."
Prior to taking over the firm's Abu Dhabi office in 2008, Slater spent three years leading Northern Trust's Middle East asset servicing business development.
Sheldon Woldt, head of Northern Trust in the Middle East, 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."