Nick Ring took over as the chief executive of Northern Trust’s wealth management business in Europe in December 2005. At the time he told WealthBriefing that the bank was in no rush to change strategy in Europe. So what has happened at the division in the last year? According to Mr Ring, much of the bank’s efforts have been inward looking. As a measure of the US bank’s constant quest for perfection, approximately $1 billion has been set aside for IT development over the next three years. The bank’s focus remains on servicing the needs of ultra high net worth clients, which it defines as those with over $75 million in assets with the bank. “Many of our clients have considerably more than this, though,” Mr Ring told WealthBriefing. "Northern Trust has plans to open an office in the Middle East this year, adding to our offices in the UK, Channel Islands, Luxembourg, The Netherlands and Ireland," he said. "In Asia, we have a presence in Singapore, Hong Kong, Beijing and Tokyo, with an operataions office in Bangalore, but the US and London will continue as the key hubs for the upper wealth segment business.” Northern Trust specialises in, inter alia, keeping track of individuals’ and families’ net worth across the range of asset classes and institutions in which they are kept, and focusing on producing highly accurate and to the minute net worth statements. “Knowing your precise net worth may not always matter hugely to the ultimate owner, but it is of great importance to those who manage the wealth, especially the family office managers who must be able to anticipate an awkward question from a family member,” said Mr Ring. “Our clients find it incredibly useful that all their assets are being recorded on one platform.” The bank is also sticking to its strategy of working with external advisors when it comes to such issues as tax and estate planning in all jurisdictions but the US. “We’re trying to add value to families rather than compete with other advisors,” said Mr Ring. Globally, Northern Trust’s Wealth Management business has seen the number of family relationships up 20 per cent over the last 18 months. In the same period assets under administration have increased by 57 per cent and head count is up by 40 per cent.