Northern Trust Global Investments (Europe) formed its first European joint venture with Landesbank Hessen-Thurigen, also known as Helaba. The new company, Helaba NorthernTrust GmbH, will provide advisory services to Helaba Invest, Helabas asset management arm, enabling it to offer U.S. corporate bonds and high-yield bonds to its clients, said Egbert Sauer, head of fixed income. Helaba Invest and Helaba Trust, Helabas research company, each will have a 25% stake in the joint venture.
Helaba Invest has 7.2 billion euros ($8 billion) in assets under management from German institutions.
Gordon Hogarth, Northern Trust head of European marketing and sales, said the group also hopes to take advantage of growing demand for equities among Helaba clients.
Nicholas J. Ring of NTGI and Hans-Ulrich Templin of Helaba, both managing directors, will oversee the new company.