Seeking to meet long-term global growth needs and expected demand for services, Northern Trust announced plans to expand in Arizona by opening a new operating center in Tempe.
The center – expected to open in mid-2015 and grow to 1,000 full-time employees over the next three years – will provide multiple financial business and banking services, with staff performing a wide variety of roles across Northern Trust business units and functions. Positions will range from entry level to highly specialized leadership roles.
“Arizona offers an exciting opportunity to address the increasing needs of our clients as our business continues to grow,” Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell said. “This step will provide us with access to significant talent pools and a strategic location that will help us efficiently serve our clients.”
Arizona Governor Doug Ducey said, “Northern Trust’s decision to expand in Tempe is fantastic news, and further validation of the robust pro-business environment Arizona offers. This move will bring 1,000 quality jobs, reinforcing our reputation as one of the most competitive and attractive places to do business. While Northern Trust has been in Arizona since 1974, we are thrilled to see Northern Trust’s substantial new investment in our state.”
Tempe Mayor Mark Mitchell said the city is thrilled to welcome Northern Trust to a community of businesses that make the city great. “Northern Trust is a prestigious, global, philanthropic banking leader – we are eager to see them fully operational here, providing new, high-wage jobs, and becoming fully integrated in our community,” Mitchell said. “Their desire to be in Tempe showcases why we are a destination for businesses that want excellent quality of life, a comprehensive transportation network, great schools and a vibrant environment.”
Sandra Watson, President and CEO, Arizona Commerce Authority, said, “Northern Trust is truly an exceptional company with a distinguished 125-year history as a leading global financial institution, and its selection of Arizona for expansion speaks volumes about our state’s dynamic, pro-business environment. Our connectivity to world markets and robust talent pool continue to make Arizona a preferred state for businesses to scale their operations for global growth. We welcome Northern Trust and look forward to supporting its continued success.”
Chris Camacho, president and CEO of the Greater Phoenix Economic Council, said, “Investment in the region from companies such as Northern Trust further solidifies Greater Phoenix’s position in leading the nation in growth in the financial services industry. Northern Trust is one of the most recognizable institutions, with a long-standing tradition of giving back to its communities. We look forward to welcoming them to Tempe and the Greater Phoenix region.”
The decision, made after several months of exploring a variety of competitive expansion opportunities, reflects several business and operational factors, including Northern Trust’s:
Projected growth in demand for services, even in light of expanding operations in Limerick, Ireland, and the opening of a new facility in Manila, Philippines.
Need to widen its client-support coverage to allow for time zone differences, and to supplement work of existing U.S. resources to deliver quicker response times to clients.
Opportunity to widen talent pools and achieve greater geographic diversity.
The new office will be located in the Discovery Business Campus in Tempe. Northern Trust will occupy temporary space on the site while a new building is constructed. The permanent space is expected to be ready by the end of 2015. Pamela Higdon will serve as Director of the Arizona Operational Center. She previously held a variety of leadership roles, including Head of Planning and Development for Northern Trust Hedge Fund Services.
“The Discovery Business Campus is a strategic business destination for many national companies. We’re thrilled that Northern Trust is joining our thriving campus,” said Jim Wentworth, principal of the Wentworth Property Company, the developer of the Discovery Business Campus in Tempe. “At completion, the Discovery Business Campus will be a 136-acre master-planned Class A office, retail, flex office, and hospitality mixed-use business park, conveniently accessing Loop 101.”
Arizona has been a home for Northern Trust since 1974. Its network of three offices and more than 150 partners provide a full range of trust, private banking and investment services and employs the fourth largest number of Northern Trust staff in the U.S. At the end of 2014, Northern Trust had $6.2 billion in assets under management in Arizona.