The acquisition, which is subject to applicable regulatory approvals and other customary closing conditions, is anticipated to close in the second quarter of 2011.
Upon completion of the transaction, Northern Trust’s combined assets under custody and administration in Ireland will increase by approximately $96b.
Based in Dublin, Bank of Ireland Securities Services is an Irish-owned asset administration provider. The business provides specialized, client-driven services to a range of funds, including mutual money-market, multi-manager, exchange-traded funds, and property funds, serving both the on-shore and off-shore markets.
Northern Trust president of Corporate and Institutional Services Steven Fradkin said that this acquisition will enhance and expand Northern Trust’s global fund service capabilities, particularly in the key areas of fund administration and the support of ETFs.
Northern Trust has been providing custody and fund administration services to clients from its Dublin office since 2000 and opened its Limerick operations in 2006.
