Northern Trust in Chicago has agreed to acquire Aviate Global, an institutional equity brokerage firm in the U.K.
Financial details of the transaction were not disclosed. The merger is expected to close in the first quarter of 2016, according to a Wednesday news release.
The deal will help the $120 billion-asset Northern Trust expand its global brokerage capabilities, as Aviate holds licenses in Europe, the Middle East, Africa and the Asia-Pacific. Aviate, in London, provides market research, trading and execution services.
The custodial bank Northern Trust offers brokerage services in two of its business divisions: corporate and institutional services and wealth management.