Northern Trust Nabs Bank of Ireland Securities Services
Northern Trust announced that it has acquired Bank of Ireland Securities Services, Ireland's largest native-owned administrator, in order to grow its presence in the country for fund administration, investment operations outsourcing, and custody management. Northern Trust will pay €60 million ($82 million) for the business. Northern Trust says it expects the deal to close in the second quarter of this year and will grow the firm's assets under management by €70 billion ($96 billion).
"Ireland is
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