Northern Trust announces leadership changes to align for growth

Northern Trust announces leadership changes to align for growth
Changes will take place from October 1, 2024.
SEP 11, 2024

Northern Trust is driving forward its agenda to enhance its client services and outcomes for all stakeholders with some key leadership changes.

The firm’s One Northern Trust strategy, as defined in its annual report, is focused on three areas: optimizing growth, strengthening resiliency, and driving productivity. All employees are expected to work towards the common goals.

Chairman and CEO Michael O’Grady said that the leadership changes “reflect the strength of our leaders and depth of our talent practices, and our commitment to continuing to serve our clients with distinction in an ever-changing landscape.”

All the changes come into effect on October 1, 2024, and include a chief operating officer, a newly created role, as president of asset servicing Peter B. Cherecwich gets a new cross-firm brief focusing on ensuring operational excellence and resiliency, effective risk management and controls, and scalable growth. 

The opportunity to succeed Cherecwich in the asset servicing leadership role has enticed Tessa Parker, former EMEA regional president, to defer her retirement.

There’s a vice chairman role for Steven L. Fradkin who previously led wealth management, asset servicing, the international business, and served as CFO.

Current CFO Jason Tyler becomes president of wealth management and will be succeeded as CFO by David W. Fox Jr., president of the Global Family & Private Investment Offices Group.

Northern Trust has been bolstering its senior leadership over the past few months including Northern Trust Asset Management hiring a former Goldman Sachs Asset Management leader as its global head of product strategy.

 

Latest News

SEC bars ex-broker who sold clients phony private equity fund
SEC bars ex-broker who sold clients phony private equity fund

Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.

The key to attracting and retaining the next generation of advisors? Client-focused training
The key to attracting and retaining the next generation of advisors? Client-focused training

From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.

Chuck Roberts, ex-star at Stifel, barred from the securities industry
Chuck Roberts, ex-star at Stifel, barred from the securities industry

"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.

SEC to weigh ‘innovation exception’ tied to crypto, Atkins says
SEC to weigh ‘innovation exception’ tied to crypto, Atkins says

Chair also praised the passage of stablecoin legislation this week.

Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest
Brooklyn-based Maridea snaps up former LPL affiliate to expand in the Midwest

Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.