US-listed Northern Trust has opened a new office in the capital of South Korea.

Northern Trust has launched a branch in Seoul, where it has had a representative office since 2014.

“This [launch] marks the latest milestone in our expansion across the Asia-Pacific region, and demonstrates our strong ongoing commitment to the South Korean market,” said Michael O’Grady, president of Northern Trust. “South Korea is one of the world’s fastest growing economies, and its dynamism and technological innovation promise a bright economic future.”

He added: “We expect to see considerable opportunities for [business development] collaboration in coming years, and look forward to continuing to serve our Korean clients with the valuable combination of our global reach and locally-sourced expertise.”

In Asia-Pacific, Northern Trust has 11 offices in Australia, China, Hong Kong, India, Japan, Malaysia, the Philippines, Singapore and South Korea.