Northern Trust Completes Acquisition of Bank Of Ireland Securities Services

Northern Trust NTRS announced today the closing of its acquisition of Bank of Ireland Securities Service from the Bank of Ireland Group. Northern Trust had announced its intention to acquire the fund administration, investment operations outsourcing and custody business of the Bank of Ireland Group on February 24, 2011, with the transaction subject to the appropriate regulatory approvals. “With the closing of this acquisition, Northern Trust will expand its global fund servicing capabilities, particularly in the key areas of fund administration and the support of ETFs,” said Clive Bellows, Country Head, Ireland. “BoISS has over 10 years of experience in the European ETF market and was recently named Best European ETF Service Provider at the Global ETF AWARDS® for the fourth consecutive year. Northern Trust is now a leader in ETF product development and service solutions for global ETF issuers.” Under the terms of the all cash agreement, Northern Trust will pay up to €60 million (approximately US$82 million) to acquire BoISS. With this acquisition Northern Trust's combined assets under custody and administration in Ireland will increase by about €70 billion (approximately US$96 billion).