The acquisition is part of Chicago-based Northern Trust's strategy to bolster its global fund administration capability for private equity firms, hedge funds and property funds.

Northern Trust is trying to expand its administration and custody business in offshore financial locations such as Dublin, Guernsey, Jersey and the Isle of Man. Baring's administration and custody business oversees GBP 63 billion in assets.

Northern Trust has USD 2.4 trillion in assets under administration, while Bank of New York Co., State Street Corp. and Mellon Financial Services are considered its rivals in the global custody and administration market.

ING announced it is planning to sell the investment management division of Barring Asset management, which has GBP 18 billion under management, to Massachusetts Mutual Life Insurance Co.

Administrative changes may take place in the operations in Dublin, where Northern Trust will integrate its office with Baring's when the deal is consummated.

Northern Trust has 110 employees in Dublin and will be looking to add up to 200 Baring Asset Management employees to its Ireland operation.