Northern Trust has announced ambitious plans to build its asset servicing business in Australia, with a significant increase in assets and the addition of new staff in its Melbourne office.

The custodian expects future growth in master custody and middle-office services for superannuation funds, investment managers, insurance companies and sovereign wealth funds.

Christopher Thomson has joined as business development manager with the company, which boasts A$137 billion in assets under custody in Australia and New Zealand, claiming a 54-per-cent increase in staff numbers over 2012.

“Strategically, Australia is a key market for Northern Trust, and we continue to invest in people and global capabilities to meet the needs of our growing client base of sophisticated institutional investors,” said Rohan Singh, managing director for Northern Trust Australia. “We are adding a wealth of local industry experience to a dedicated global team and we look forward to further building our business in Australia.”

Northern Trust has also secured additional space at 80 Collins Street, Melbourne, for its expanding team. Key appointments over the past two years include senior positions in investment-operations outsourcing, custody-relationship management and product management.

Thomson comes to Northern Trust with three decades of financial industry experience, most recently as a sales and relationship manager with JP Morgan Treasury Services in Australia.

Since entering the Australian market in 2006, Northern Trust has grown to A$137 billion in assets under custody and in excess of A$60 billion (for three investment-operations outsourcing clients) in assets under administration as of June 30, 2012.