Company Press Release

CHICAGO, September 21, 2011 – Northern Trust announced today it has entered into an Investment Operations Outsourcing agreement with global asset manager RCM, a company of Allianz Global Investors. Under the agreement, Northern Trust will provide middle office services for RCM investment teams in three regions – Asia-Pacific, Europe and North America – on Northern Trust’s global operations platform.

“This innovative agreement supports RCM’s strategy as a truly global asset management firm, operating on multiple continents across six time zones to offer a range of investment solutions,” said Peter Cherecwich, head of Global Fund Services at Northern Trust. “We worked closely with RCM to understand their business priorities, and demonstrated our capability to deliver middle office services efficiently and consistently by leveraging our global technology architecture and operations expertise in markets around the world.”

Services to be provided under the outsourcing agreement, approved in July 2011, include post-trade execution support, trade processing and settlement, data management, reconciliations, portfolio accounting, client valuations and administration for teams based in Hong Kong, London and San Francisco. Northern Trust’s outsourcing services will also support RCM sales and relationship teams in Singapore, Taiwan, Tokyo and Frankfurt.

As part of the agreement, members of RCM’s operations staff in Hong Kong will join Northern Trust, where they will continue to support RCM as well as other clients that have recently selected Northern Trust to provide Investment Operations Outsourcing services. The additions significantly strengthen Northern Trust’s presence in Hong Kong and increase its asset servicing capabilities in the Asia-Pacific region.

“We selected Northern Trust to leverage the strength of its global operating model, which provides RCM with a platform for strategic growth while we continue to focus on investment excellence,” said Michael Hooper, Executive Chairman UK, Chairman of RCM Global Operations Group. “Northern Trust’s commitment to Hong Kong was also an important factor. We believe this agreement will strengthen our regional trading while providing a true ‘pass the book’ capability to support our global operations. We look forward to working with Northern Trust as RCM continues to grow in markets across the world.”

About RCM

RCM is a global asset management company providing active investment strategies. The firm operates from six offices—San Francisco, London, Frankfurt, Hong Kong, Tokyo and Sydney—with assets under management of over $154 billion worldwide as of June 30, 2011. At RCM we believe that by generating and exploiting an information advantage, we will be able to deliver superior and consistent investment results for the benefit of our clients—a philosophy we call RCM informed. RCM is a company of Allianz Global Investors, a pre-eminent global asset management group committed to helping clients achieve sustainable success. As a company of Allianz Global Investors, RCM offers a distinctive investment philosophy and culture, while benefiting from the scale and substantial resources of our parent; including business support, industry best-practices and financial investment.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2011, Northern Trust had assets under custody of US$4.4 trillion, and assets under investment management of US$684.1 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.


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