Northern Trusts acquisition of Bank of Ireland Securities Services (BoISS) from the Bank of Ireland Group is now complete.
Northern Trust had announced its intention to acquire the fund administration, investment operations outsourcing and custody business of the Bank of Ireland Group February 24, with the transaction subject to the appropriate regulatory approvals.
With the closing of this acquisition, Northern Trust will expand its global fund servicing capabilities, particularly in the key areas of fund administration and the support of ETFs, says Clive Bellows, Northern Trust’s newly appointed country head for Ireland. BoISS has over 10 years of experience in the European ETF market and was recently named Best European ETF Service Provider at the Global ETF AWARDS for the fourth consecutive year. Northern Trust is now a leader in ETF product development and service solutions for global ETF issuers.
Under the terms of the all cash agreement, Northern Trust will pay up to 60 million (approximately $82 million) to acquire BoISS. With this acquisition, Northern Trusts combined assets under custody and administration in Ireland will increase by about 70 billion (approximately $96 billion).
We are delighted to announce the completion of our acquisition of BoISS, says Wilson Leech, Northern Trusts CEO for Europe, Middle East and Africa. This acquisition supports the growth of Northern Trusts asset servicing business in Europe and is in line with our business strategy to add new and enhanced operational capabilities and expertise to better serve our clients across the region.