Northern Trust, a US based wealth management firm, has expanded its global presence with the opening of a new office in Riyadh, capital city of the Kingdom of Saudi Arabia.

The new office will serve its growing Middle East client base and support opportunities for continued new business in the region.

The CMA has granted the Northern Trust Company of Saudi Arabia its initial license on 12 September, 2012, for managing investment funds and client portfolios, advising and custody securities business in the Kingdom.

Michael Slater has been named head of Northern Trust’s new office. In his new role, he will report to Sheldon Woldt, head of Northern Trust in the Middle East.

Slater will be responsible for complete management of the office and leading the development of key strategic relationships with prospective and existing clients in the Kingdom, such as sovereign wealth funds, central banks, pension funds, asset managers, other institutional investors, and wealthy families.

Slater has joined Northern Trust in 2005 to lead asset servicing business development in the Middle East. In 2008, he was appointed head of Northern Trust’s Abu Dhabi office.

"We are close to couple of weeks for final authorization from the CMA," Woldt 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.
"With our more than 120-year heritage of service, expertise and integrity, our presence in Riyadh positions Northern Trust to continue to deliver solutions and services that best meet the evolving requirements of the region’s sophisticated investors," Woldt added.

Northern Trust with assets under custody of US$5 trillion and assets under investment management of US$803 billion has been serving clients across the Middle East since 1987, providing asset servicing and asset management expertise.