Northern Trust on Gulf buildout, eyes pensions

Despite tough market conditions in the Middle East, US financial services group Northern Trust is moving to add five executives in the region, with an eye on regional plans to expand pension coverage. Four of the individuals will be based in Riyadh, the Saudi Arabian capital, where there are already eight staff, and one will join Sheldon Woldt, head of the Middle East, in Abu Dhabi. The US asset management and servicing group has already made three offers, said Michael Slater, hea…