Establishing a presence in China is slow going, but Northern Trust Corp., which recently won approval for a Beijing branch office, believes the payoff will be worth the wait.

"We're excited about the market that exists and is growing in China for the kinds of capabilities we offer," said Steve Fradkin, president of corporate and institutional services at Northern Trust, which has about $3.5 trillion of assets under custody and about $600 billion under management.

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