Northern Trust will buy Bank of Ireland Securities Services, which includes the bank’s global custody and fund administration business, for up to €60 million ($82 million), the companies announced Thursday.
Bank of Ireland is selling the business to boost its regulatory capital. The partially nationalized bank said in October it would sell its money management business to State Street Global Advisors.
The deal would bring €70 billion in additional servicing assets to Northern Trust, which had $4.1 trillion in worldwide custody assets as of Dec. 31.
“This acquisition will enhance and expand Northern Trust’s Global Fund Service capabilities, particularly in the key areas of fund administration and the support of (exchange-traded funds),” Steven Fradkin, president of corporate and institutional services at Northern Trust, said in a news release.
The deal, pending regulatory approval, is expected to close by June.