Northern Trust Corporation (NTRS) has entered a strategic relationship with Perpetual (Asia) Limited to expand its Singapore unit trust capabilities, combining its custody, fund administration, and middle-office outsourcing services with Perpetual’s trustee and fiduciary expertise. The partnership, announced September 9, 2026, aims to give investment managers a more integrated solution for Singapore retail unit trusts while supporting Northern Trust’s broader asset servicing growth in the Asia-Pacific region.
Singapore remains a central asset-management hub in Asia, supported by rising regional wealth, cross-border investment flows, and growing retail participation. According to PwC insights, Asia-Pacific assets under management (AUM) are expected to reach $34.5 trillion by 2030, up from $23.2 trillion in 2024, representing a compound annual growth rate of 6.8%. This projected expansion could increase demand for fund administration, custody, and other operational services provided by firms like Northern Trust.
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Strategic rationale behind the Perpetual tie-up
The latest partnership builds on Northern Trust’s broader expansion of asset-servicing capabilities and client relationships across the region. It provides infrastructure supporting investment managers, benefiting from growth in fund assets and offerings. The relationship with Perpetual adds independent trustee capabilities to its existing custody and administration services, creating a more comprehensive solution for fund managers.
Northern Trust is expanding its asset-servicing capabilities to meet more client needs and win additional mandates. Broader offerings across fund administration, investment operations, and related services could help the company deepen client relationships and drive service-related fee income.
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The company’s asset-servicing business continued to gain momentum across the APAC region in the first half of 2026. Its APAC assets under custody (AUC) reached $1 trillion as of June 30, 2026, up 12% year over year. This follows an 11.9% compound annual growth rate in overall asset-servicing AUC over the past three years through 2025, with the trend continuing into the first half of 2026. The sustained growth underscores the increasing scale of Northern Trust’s APAC franchise.
What this means for Northern Trust’s competitive position
Overall, the Perpetual relationship strengthens Northern Trust’s position in Singapore and complements its expanding APAC asset servicing franchise. The tie-up broadens its offering for investment managers and supports its competitive position in the region, particularly as retail unit trust activity in Singapore continues to evolve with regulatory and market developments.
Northern Trust’s move reflects a broader trend among asset managers seeking inorganic expansion to strengthen client relationships and broaden capabilities. Franklin Templeton (BEN) and Lazard (LAZ) have similarly pursued acquisitions and strategic partnerships in recent months.
In September 2026, Franklin Templeton’s subsidiary, Clarion Partners, agreed to acquire a majority stake in Stoneshield Capital, adding $9 billion in AUM and strengthening its European presence. Earlier, Franklin Templeton acquired Apera, Alcentra, and Lexington Partners, while partnerships with major infrastructure firms broadened its capabilities and market reach. These efforts could support AUM and recurring fee revenue growth.
In April 2026, Lazard agreed to acquire Campbell Lutyens to strengthen its private-capital advisory business and expand its global reach. Earlier, Lazard partnered with Arini Capital Management and acquired a controlling interest in Elaia Partners, adding approximately $1 billion in AUM. These initiatives could support new mandates, AUM growth, and higher advisory and management-fee revenue.
Market performance and outlook
Over the past year, shares of Northern Trust have gained 43.4%, compared with the industry’s growth of 32.5%. The stock’s performance reflects investor confidence in the company’s strategic direction, including its focus on expanding high-growth asset servicing segments in Asia.
At present, Northern Trust carries a Zacks Rank #3 (Hold). The company’s ability to execute on its regional expansion strategy while managing costs and regulatory requirements will be key factors to watch in the coming quarters.
For investment managers operating in Singapore, the deepening of trustee and custody services could reduce operational complexity and improve time-to-market for new fund launches. As the APAC asset management arena grows, partnerships like this one may become more common as firms seek to offer end-to-end solutions without building every capability in-house.
Northern Trust’s APAC franchise has now reached a scale that positions it among the leading custodians in the region, and the Perpetual partnership adds another layer of service depth. The company’s ability to convert this expanded capability into new mandates will determine whether the momentum seen in the first half of 2026 continues.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Market conditions are volatile and past performance does not guarantee future results. Readers should conduct their own research before making investment decisions.
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