Northern Trust Announces the Next Stage of its Plans for Growth in Australia
MELBOURNE, Dec. 18 /PRNewswire-AsiaNet/ --
Specialised tax accounting capabilities and staff additions follow granting of banking licence to global firm
Northern Trust today announced it will introduce a unique tax and investment accounting solution for
superannuation funds in Australia in 2009 as a key element in its plan to deliver a broader range of
custody and asset services from its local office in Melbourne.
Northern Trust also announced appointments to strengthen its local tax and
accounting capabilities, as well as business development efforts for the
region. The appointments follow on the approval of a banking licence by The Australian Prudential
Regulation Authority (APRA) in October. Northern Trust
has operated through a representative office in Melbourne since June 2007.
"We are delighted at the opportunity to offer an expanded set of custody
related services to our Australia clients, and to perform more of those
functions in this country," said Paul Cutts, Northern Trust's Managing
Director for Australia. "By hiring expertise locally, we expect to enhance client services as we significantly
increase our business development
activities."
To support the specific tax and regulatory reporting requirements of the
superannuation fund industry in Australia, Northern Trust has signed a deal with Sydney-based Bravura
Solutions Limited (Bravura), a global provider of
professional financial services and wealth management applications. Northern
Trust expects to offer clients an enhanced solution which incorporates
Bravura's significant local expertise and proven tax and regulatory
capabilities with Northern Trust's own accounting capabilities and global operating model.
"By working closely with Bravura, and using their significant local
capabilities alongside our existing products and services, we believe we can
provide the market with a significantly differentiated asset servicing
solution," noted Cutts. "Our commitment to the market, to building our
business with professionals from the local market and from within the bank, is
further evidence of our longer-term strategy for growth in Australia and New
Zealand."
Northern Trust has further strengthened its position with the appointments
of Bernie McGrath and Samantha Seater to manage and support the tax and
accounting needs of Northern Trust's clients in this market.
McGrath, who joins as Head of Fund Accounting, is a qualified Chartered Accountant, with a Bachelor
of Commerce and Economics from the University of
Melbourne. He joins from ANZ and has a wealth of industry experience gained at
ANZ, Swiss Re, Norwich and KPMG covering all facets of accounting, taxation and financial reporting for
the funds management industry. Seater, an
Australian, joins from Northern Trust's fund accounting group in Europe, where
she worked in a variety of functions in both Dublin and London. Together they
will be responsible for the delivery and support of the local service
requirements of the bank's Australian and New Zealand clients and will also access the bank's enterprise-
wide accounting operation for the global support
of clients.
To manage the growth of the enhanced range of capabilities and growing operation in Australia, the
bank has announced the arrival of Jeremy Hester as
Head of Business Development in the region. Hester, a 15-year sales veteran of
Northern Trust, is now based in Melbourne and will continue the role he began
earlier this year when he was splitting his time between London and Australia.
Northern Trust recently opened new offices at level 47, 80 Collins Street,
in anticipation of expanding the business in Australia.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of
investment management, asset and fund administration, fiduciary and banking solutions for corporations,
institutions and affluent individuals worldwide.
Northern Trust, a financial holding company based in Chicago, has a growing network of 85 offices in 18
U.S. states and has international offices in 15
locations in North America, Europe, the Middle East and the Asia-Pacific
region. As of September 30, 2008, Northern Trust had assets under custody of
US$3.5 trillion, and assets under investment management of US$652.4 billion.
Northern Trust, founded in 1889, has earned distinction as an industry leader
in combining exceptional service and expertise with innovative products and technology. For more
Where Northern Trust's UK entities undertake regulated business, they are
authorised and regulated in the United Kingdom by the Financial Services
Authority.
Northern Trust operates in Australia as a foreign authorised
deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority.
Northern Trust in Hong Kong is a securities company regulated by the
Securities and Futures Commission.
Northern Trust in Singapore is a foreign wholesale bank regulated by the
Monetary Authority of Singapore.
SOURCE: Northern Trust
CONTACT: EMEA, Camilla Greene
+44 (0) 20 7982 2176
cg81@ntrs.com, or
North America & Asia-Pacific, John O'Connell
+1-312-444-2388
jo45@ntrs.com or
Kathleen Fitzgerald
+1-312-444-3094
kdf2@ntrs.com
all of Northern Trust
(NTRS)
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