Northern Trust Continues APAC Expansion with Manila Office

Northern Trust has opened a new office in Manila, the capital of the Philippines, making it the custodian’s second Asia-Pacific (APAC) office to open in less than a month.

The office will support processing and back-office functions for the bank’s global clients, and is the third APAC office to open this year after it established a base in South Korea in October.

To lead its operations in the Philippines will be Paul Kenee who was promoted to country head. Prior to his new role, he was chief operations officer for Northern Trust Asset Management across Europe, Middle East and Africa.

“With employees worldwide dedicated to working on leading-edge technology and operations, and investment of $2.2 billion dollars on a rolling two year period, we continue to invest in our technology and infrastructure. The Manila office will play a key role in our continued focus on supporting our clients in Asia-Pacific and around the world,” says Brian Ovaert, head of operations for Northern Trust in Asia-Pacific.

Asia-Pacific is the fastest-growing global region for Northern Trust, with assets under custody growing at an annual rate of 25% from 2008 through 2013, and assets under management growing by more than 15% annually over that five-year period.

The bank also has an office in Kuala Lumpur, Malaysia, which was opened earlier this year.