Bank of Taiwan and Northern Trust Sign MoU on Custody Collaboration
Northern Trust sees the Asia-Pacific corridor as the fastest growing region for the company. Increasingly, East Asian pension funds are being permitted by regulatory bodies to invest overseas. The custodial giant is also trying to compete against rivals State Street and BNY Mellon in Taiwan. In July 2012, Taiwan’s National Pension Insurance Fund appointed BNY Mellon to provide global custody services. In June 2014, State Street launched transfer agency operations in Taiwan.
Memorandum of Understanding
On May 22nd, Taipei-based Bank of Taiwan and Northern Trust publicly announced a collaborative effort to offer institutional investors in Taiwan access to Bank of Taiwan’s local expertise and Northern Trust’s global custody and asset servicing capabilities. Northern Trust and Bank of Taiwan initiated a Memorandum of Understanding (MoU) that Northern Trust will provide offshore global custody and asset servicing solutions for select institutional and governmental clients in Taiwan.
As of March 31, 2015, Northern Trust had US$ 6.1 trillion of assets under custody and US$ 960.1 billion in assets under management.
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