Northern Trust announced Thursday it reached an agreement to buy the fund administration, investment operations outsourcing and custody business of the Bank of Ireland Group, Bank of Ireland Securities Services.

Northern Trust is expected to pay up to $82 million to for the business. The deal is expected to close in the second quarter. When it closes, Northern Trust’s combined assets under custody and administration in Ireland will increase by approximately $96 billion.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.