Northern Trust gets China branch licence, seeks QFII quota
Having been granted a Beijing branch licence, the US firm expects to see a big increase in Chinese demand for its asset services, including private-equity administration.
Chicago-based Northern Trust has had a representative office in Beijing since 2005, so has been limited in what it can do for mainland Chinese customers. The asset-management and custodian firm has until now provided client services from Hong Kong or Singapore.
But the approval of a branch licence by the China Banking Regulatory Commission in early August means it can directly support institutions in China with global custody, accounting, performance measurement and investment mandate…
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