Appointment in line with increasing demand for passive management solutions in the Middle East
LONDON, Wednesday, December 15th 2010 [ME NewsWire]:
(BUSINESS WIRE)-- Northern Trust Global Investments, the asset management arm of Northern Trust (Nasdaq: NTRS), has been appointed by Tawuniya (The Company for Cooperative Insurance) to manage a segregated passive equity portfolio, benchmarked to the Dow Jones Global Titans 100 index.
The appointment, which also includes transition management services, builds on Northern Trust’s existing asset servicing relationship with Tawuniya, which includes the provision of custody, investment accounting and performance services. Tawuniya is the leading provider of insurance services in Saudi Arabia.
“We continue to see demand for passive management solutions in the Middle East and are pleased to be working with clients such as Tawuniya to provide creative index strategies to meet their specific investment profiles or desired market exposures,” said John Krieg, managing director of NTGI in Europe, Middle East and Africa. “As clients continue to favour the risk efficient and cost-effective nature of indexing, investors are seeking bespoke solutions which NTGI, through our investment experience, global technology, strong governance and risk management, is able to provide.”
Tawuniya (TASI:8010.SE), the first listed joint stock general insurance company in Saudi, engages in cooperative insurance operations and related services including reinsurance and agency activities primarily in Saudi Arabia. The company’s principal lines of business include motor, marine cargo and hull, fire, medical, engineering, energy, aviation, property and casualty, general accidents, and personal insurance as well as savings and investment plans.
“We appointed NTGI based on their track record in passive management and our long standing asset servicing relationship,” said Tawuniya Chief Executive Office Ali A. Al-Subaihin. “We needed a provider we could rely on to respond to our changing requirements as we continue to grow and support the economic growth of Saudi Arabia”
“We are delighted to extend our existing asset servicing relationship with Tawuniya to include asset management,” said Michael Slater, head of Northern Trust in the Middle East. “By combining Northern Trust’s asset servicing capabilities with our asset management capabilities we can provide our clients with total solutions which is key for us as we continue to enhance our proposition for institutional investors across the region.”
NTGI is a multi-asset class investment manager offering a broad array of active, passive and quantitative investment solutions, including cash and fixed income, index management, securities lending, transition management, fund of hedge funds and fund of private equity funds. It manages assets for corporate and public pension funds, sovereign wealth funds, insurance companies, charities, central banks and other eligible professional investors.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2010, Northern Trust had assets under custody of US$3.9 trillion, and assets under investment management of US$657.2 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A, incorporated with limited liability in the U.S.
The Northern Trust Company, London Branch (reg. no. BR001960), Northern Trust Global Investments Limited (reg. no. 03929218) and Northern Trust Global Services Limited (reg. no. 04795756) are authorised and regulated by the Financial Services Authority.
The material within and any linked material accessed via this communication is directed to eligible counterparties and professional clients only and should not be distributed to or relied upon by retail investors. For Asia-Pacific markets, it is directed to institutional investors, expert investors and professional investors only and should not be relied upon by retail investors.
- Northern Trust (Guernsey) Limited, Northern Trust Fiduciary Services (Guernsey) Limited, and Northern Trust International Fund Administration Services (Guernsey) Limited are licenced by the Guernsey Financial Services Commission.
- Northern Trust International Fund Administrators (Jersey) Limited and Northern Trust Fiduciary Services (Jersey) Limited are regulated by the Jersey Financial Services Commission.
- Northern Trust International Fund Administration Services (Ireland) Limited and Northern Trust Fiduciary Services (Ireland) Limited are regulated by the Financial Regulator.
- Northern Trust Global Services Limited has a Netherlands Branch which is authorised and regulated in the Netherlands by De Nederlandsche Bank.
- Northern Trust Global Services Limited has a Luxembourg Branch which is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF).
- Northern Trust Luxembourg Management Company S.A. is regulated by the Commission de Surveillance du Secteur Financier (CSSF).
- Northern Trust Global Services Limited operates in Abu Dhabi as a Representative Office, Licence number 13/238/2008 which is authorised and regulated by the Central Bank of the United Arab Emirates.
- The Northern Trust Company operates in Canada as The Northern Trust Company, Canada Branch which is an authorized foreign bank branch under the Bank Act (Canada). Trustee related services in Canada are provided by the wholly owned subsidiary The Northern Trust Company, Canada, an authorized trust company under the Trust & Loans Companies Act (Canada). Deposits with The Northern Trust Company and its affiliates and subsidiaries are not insured by the Canada Deposit Insurance Corporation.
- The Northern Trust Company operates in Australia as a foreign authorised deposit-taking institution (foreign ADI) and is regulated by the Australian Prudential Regulation Authority.
- The Northern Trust Company of Hong Kong Limited is a securities company regulated by the Securities and Futures Commission.
- The Northern Trust Company has a Singapore Branch which is a foreign wholesale bank regulated by the Monetary Authority of Singapore.
- The Northern Trust Company has a branch in China regulated by the China Banking Regulatory Commission
- Northern Trust Global Investments Japan, K.K. is regulated by the Japan Financial Services Agency.
- Northern Trust Global Services Ltd (UK) Sweden Filial is Authorised by the Financial Services Authority and subject to regulation by the Finansinspektionen.
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