Northern Trust completes closing

Northern Trust Corporation today announced that the closing of its acquisition of Deutsche Bank’s global passive equity, enhanced equity and passive fixed income businesses was completed on January 31, 2003.

Under the terms of the agreement, Northern Trust paid approximately $100m primarily based on assets under management of $44.1bn. This payment takes into consideration certain assets that are expected to transition during the next several months.

Additional payments will also be made as other assets are transitioned to Northern Trust later this year. Northern Trust estimates that the aggregate purchase price will be between $144m to $161m for assets under management of $68 billion to $76bn, based on current market values.

“We are very pleased with the roster of clients who have already committed assets to be transferred to Northern Trust Global Investments,” said Stephen B Timbers, president of Northern Trust Global Investments.

“This acquisition is an excellent strategic fit for us. The complementary nature of the asset base fits nicely on our existing quantitative management platform, while the additional product capability allows us to expand our international and enhanced index offerings significantly.”

Northern Trust Global Investments is a global, multi-asset class investment manager serving institutional and personal clients worldwide.