Northern Trust

Office address: 50 South La Salle Street, Chicago, IL 60603
Website: northerntrust.com/united-states
Year established: 1889
Company type: financial services
Employees: 23,000+ (global)
Expertise: wealth management, asset servicing, investment management, banking, trust and estate services, alternative assets, ESG investing, capital markets, family office services, technology solutions
Parent company: N/A
Key people: Michael O'Grady (CEO), Peter Cherecwich (COO), Kelley Conway (head of strategic change, data and digital), David Fox (CFO), Steven Fradkin (vice chair), Aengus Hallinan (chief risk officer), Michael Hunstad (president)
Financing status: corporation

Northern Trust is headquartered in Chicago and employs more than 23,000 people worldwide. The firm provides asset servicing, investment management, and wealth management for institutions, individuals, and families. It manages more than $1.7 trillion in assets as of 2025 and is recognized for its expertise and advanced technology.

History of Northern Trust

Northern Trust was established in Chicago in 1889 by Byron Laflin Smith. He saw a need for a bank built on service, expertise, and integrity during a time of rapid change in American society. The bank opened six accounts on its first day and took in close to $138,000 in deposits!

First years and new ideas

In 1893, Northern Trust set up a branch at the World's Fair after the official depository failed, making it the first Illinois bank with a branch office. The bank soon opened a Foreign Department to serve international clients, which marked the start of its global outlook. By 1906, the firm moved into its permanent headquarters at 50 South La Salle Street.

Expanding services and surviving hard times

Northern Trust introduced safe deposit boxes and became a top-ranked federal securities dealer in the early 1900s. The bank weathered the Panic of 1907 due to strong leadership and later established a charitable fund in 1909. It was also among the first US companies to offer employee benefits like free group life insurance and a pension plan, and it began offering lines of credit in 1912.

Building a legacy and embracing change

The firm supported the country during World War I by handling nearly $27 million in war bonds. In 1917, it became the first air-conditioned office building in Chicago. Northern Trust also:

• created a Women's Department in 1930
• expanded during the Great Depression
• improved ration banking during World War II

The company adopted electronic check processing in 1960 and expanded overseas in 1969. It opened its first international office in London.

Northern Trust's recent partnerships

The firm continued to grow as it launched new investment products and supported social responsibility. In 2024, Northern Trust partnered with Greenlight Financial Technology, a fintech company, to help the children of high-net-worth clients learn financial literacy.

This platform gives families tools to teach kids about earning, saving, giving, and spending. This shows the company’s ongoing commitment to service and innovation.

Northern Trust products and services

Northern Trust’s offerings combine advanced technology, diverse investment strategies, and a strong culture of integrity:

Asset servicing

• trust and custody: secure management of client assets
• alternative asset services: regulatory support and alternative investment solutions
• front and middle office solutions: operational efficiency and risk management
• capital markets: trading, execution, and liquidity services

Investment management

• mutual funds and ETFs: diverse investment options for clients
• multi-asset solutions: strategies across different asset classes
• sustainable investing: ESG-focused investment strategies
• liquidity management: cash solutions for various needs

Wealth management

• financial planning: personalized strategies for wealth goals
• private banking: tailored banking for high-net-worth clients
• trust and estate services: support for legacy and estate planning
• family office services: comprehensive solutions for family offices

Northern Trust has served clients worldwide for over 135 years with trusted expertise and service. The firm is known for its global reach, strong client focus, and advanced technology.

Culture and corporate values

Northern Trust says that its culture brings together people from different teams and locations. The firm aims to create an inclusive workplace that encourages employee growth and involvement. Its values include:

• decidedly inclusive
• guided by humility
• passion
• insatiable curiosity

According to the company, employees benefit from a culture built on service, expertise, and strong values. Reasons they give for working at Northern Trust include:

• professional growth: access to Northern Trust University and a wide range of learning resources
• inclusive culture: employee-led groups support diversity and belonging
• community involvement: paid volunteer days and a focus on giving back
• wellness support: health programs and resources for a balanced life
• mentorship: formal opportunities to connect with experienced colleagues
• technology and tools: advanced resources to help employees succeed
• flexible work: schedules and policies that support work-life balance

Northern Trust is also a founding member of Nicsa’s Diversity Project North America. The initiative promotes DEI as a business priority in asset and wealth management. It works to remove barriers and create fair opportunities across the industry.

About CEO Michael O'Grady and key people

Michael G. O'Grady is the chair and CEO of Northern Trust, leading its wealth, asset servicing, and banking businesses. Before joining the firm in 2011, he held senior roles at Bank of America Merrill Lynch and Merrill Lynch. O'Grady earned his business degree at the University of Notre Dame and his MBA from Harvard.

Senior leadership at Northern Trust guides the company with a focus on client needs:

• Peter B. Cherecwich is COO, leading global operations and service delivery
• Kelley Conway is head of strategic change, data and digital, driving digital transformation and innovation
• David W. Fox, Jr. is CFO, overseeing financial strategy and planning for the firm
• Steven L. Fradkin is vice chair, bringing decades of leadership across multiple business units
• Aengus Hallinan is chief risk officer, managing risk and regulatory compliance worldwide
• Michael Hunstad is president of asset management, known for expertise in quantitative investing and research

Northern Trust’s leadership team maintains strong corporate governance and a client-focused approach. The company uses advanced technology to help clients reach their financial goals.

The future at Northern Trust

In 2025, the company made it clear that it plans to stay independent, even after reports of merger talks with Bank of New York Mellon. The firm said it remained focused on delivering long-term value for its clients and stakeholders. This commitment to independence helps Northern Trust keep control of its future and continue serving clients with stability and trust.

The firm helps clients and advisers understand new trends in the ETF market by sharing its expertise. Dave Abner, global head of ETFs and funds at Northern Trust Asset Management, explains how active ETFs and new strategies can offer more choices for investors. By leading these conversations and launching new products, the company supports innovation and helps clients adapt to changes like tokenization.