Northern Trust Corporation has competed its acquisition of Baring Asset Management's Financial Services Group (FSG) from ING Group N.V.
William A. Osborn, Chairman and Chief Executive Officer, Northern Trust Corporation, said: "With the closing of this acquisition, we will enhance our ability to serve our existing global fund manager clients, as well as attract new clients, with a stronger and broader set of capabilities."
He added: "The FSG business strategically complements Northern Trust's existing fund services capabilities in London, Dublin and Luxembourg, and our growing back and middle office outsourcing capabilities. We are also benefiting from the addition of the expert FSG staff in these locations, as well as in Guernsey, Jersey, and the Isle of Man."
Under the terms of the all cash agreement, Northern Trust paid approximately GBP 260 million (approximately USD 500 million dollars at current exchange rates). With this acquisition Northern Trust has acquired a fund services group with approximately USD 70 billion in funds under administration, USD 33 billion in custody and USD 33 billion in trust assets as of February 28, 2005.
Background Notes: Chicago-based Northern Trust Corporation is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. As of December 31, 2004, Northern Trust had assets under administration of USD 2.6 trillion, and assets under investment management of USD 572 billion.