Northern Trust agrees to buy BoISS

Northern Trust has agreed to buy Bank of Ireland Securities Services (BoISS), in a move set to increase its assets under custody and administration in Ireland by €70bn

Northern Trust will buy the fund administration, investment outsourcing, and custody business of Bank of Ireland, subject to regulatory approval and closing conditions.

The global custodian and fund administrator is prepared to pay up to €60m to acquire the business, it said.

The sale is expected to be complete in the second quarter of 2011.

As the largest Irish-owned asset administration provider, the purchase of BoISS will inflate Northern Trust’s combined assets under custody and administration in Ireland by approximately €70bn.

The Irish securities services provider specialises in a range of funds, including mutual money-market, multi-manager, exchange-traded funds, and property funds. It serves both the on- and off-shore markets.

On the back of the sale, Northern Trust will particularly benefit from the ETF servicing capabilities, which it plans to offer to the wider European marketplace.

“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,” said Steven Fradkin, Northern Trust’s president of corporate and institutional services.

“We look forward to working with our new clients and drawing upon the intellectual capital and depth of leadership talent that Bank of Ireland Securities Services will bring to our already successful operations in Ireland,” he said.

Northern Trust has been present in Ireland since the opening of its Dublin office in 2000. In 2006, it opened another in Limerick.

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