Northern Trust has opened a new office in Manila, Philippines, to support processing and back-office functions for its global clients.
The Manila office is the third one established by the company in the Asia-Pacific region.
Frederick Waddell, chairman and CEO of Northern Trust, said, "The Philippines is a thriving country with a growing pool of talented, educated individuals. We are pleased to establish our office in Manila, expanding our global operating centers of excellence and offering our clients increased support in their time zone."
Paula Kenee, who joined Northern Trust in 1994, has now been hired as the country head, the Philippines.
Kenee most recently served as chief operations officer for Northern Trust Asset Management across Europe, Middle East and Africa.
Asia-Pacific represents the fastest growing global region for the company, with assets under custody growing at 25% per year from 2008 through 2013, and assets under management annually growing by over 15% over that five-year period.