GERMANY – Northern Trust Global Investments Europe (NTGI) and Frankfurt based Landesbank Hessen-Thüringen (Helaba), have set up a joint venture company Helaba NorthernTrust, to offer institutional investment management services to the German market.

The new company will be based in Frankfurt, with NTGI holding 50% while Helaba Research and Helaba Invest, the respective research and asset management subsidiaries of Helaba will take 25% each. There will be two managing directors, Nicholas J. Ring of NTGI and Dr Hans-Ulrich Templin of Helaba.

The first product to be offered by Helaba NorthernTrust will be a European corporate bond fund.
The product range will eventually be extended to include US equities and other fixed income funds, including high yield bonds.

In addition, the new company will provide advisory services to Helaba Invest on the institutional market in Germany.

Stephen B. Timbers, president of NTGI, comments: “This joint venture marks a significant step in our strategy of securing distribution networks in the growing continental European marketplace. There is substantial opportunity in the German market.”

Herbert Grüntker, executive vice president of Helaba comments : “This is a significant strategic move for Helaba and highlights our commitment to our clients’ needs.”

NTGI and Helaba Invest have over $341bn (€380bn) and $8bn in assets under management respectively.