Asset servicer Northern Trust has been granted a local custody licence from Swiss regulators, enabling it to expand its service offering in the country.
It will now offer local custody, depositary, transfer agency and ancillary services in Switzerland in addition to its existing fund administration service.
The Depotbank business will be led by Marco Wiegmann who joined from RBC Investor & Treasury Services in September 2020.
Northern Trust entered the Swiss market in 2017 when it acquired UBS Asset Management’s fund administration servicing units in Luxembourg and Switzerland.
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