Northern Trust has established an office in Frankfurt, Germany, to provide investment operations outsourcing services to Allianz Global Investors.
Northern Trust has a strong existing relationship with Allianz across North America, Europe and Asia Pacific and set up an operation in Germany in order to service the asset management firm in its home market. Through the expansion of its investment operations outsourcing capabilities in Germany, Northern Trust now provides services for a total of €110 billion in assets in Germany. From its Frankfurt office, Northern Trust will also begin servicing assets for Allianz Global Investors’ other pan-European locations.
Northern Trust’s German office, which will be staffed by 20 people, will be headed by Kai Dirk Leifert, in Frankfurt. Leifert joined Northern Trust in 2008 and was most recently chief operating officer for Northern Trust’s asset management business across Europe, Middle East, Africa and Asia Pacific, based in London. In his new role, Leifert will be responsible for the overall management of the Frankfurt office and Northern Trust’s presence in the region. “Partnering with Northern Trust is a significant step for us in implementing our global operating model and servicing our clients locally as ‘one firm’, more efficiently,” said Michael Peters, chief operating officer for Europe at Allianz Global Investors. ”