"Malaysia is a dynamic country with a growing economy and increasing global investment, presenting an opportunity for growth in the services that we offer to large, sophisticated institutional investors,” said William Morrison, president and chief operating officer of Northern Trust.
Although the bank has provided global custody and other services to Malaysian clients since 2009, this is the first time it will have a local physical presence.
Rustam will coordinate relationship building in financial segments including government agencies, pension funds and insurance funds.
She had worked at the Malaysian central bank for 12 years, latterly as manager of the external fund management division, where she led the introduction of new asset classes to diversify the investment of the bank's reserves.
According to Northern Trust, its Asia Pacific business is growing the fastest out of all regions. Assets under custody grew 26% annually from 2008 to 2013, while assets under management increased 15% annually over the same period.