The office is led by Joanna Stringer, who was appointed earlier this year to lead the firm's expansion into the Washington DC market. She has been appointed managing director and leads a team of around 20 people at the Connecticut Avenue location. Although this is the first office for Northern Trust in the local market, the firm already has a “significant” client base there, which was previously served from its offices in Chicago and New York, a spokesperson confirmed.

“Washington, DC, represents an ideal business opportunity for Northern Trust and allows us to be closer to our substantial and growing client base in the area,” said Jana Schreuder, president of the Personal Financial Services division.

The area surrounding the nation's capital is home to a lot of personal wealth. For example, median income in the suburb Loudoun County, Va is $110,643 per annum, making it the richest county in the US, according to a list compiled by Forbes last year.

In a sign of the level of affluence in the area, TIGER 21, the peer-to-peer group for the ultra wealthy, just this week announced the launch of a Washington, DC group.