Northern Trust names new West Region president for wealth

Northern Trust is bolstering its leadership in the Western wealth market as it welcomes an experienced wirehouse leader.

The firm announced Monday that it has selected Abel Montañez as president of its wealth management business in the West Region.

Founded in Chicago in 1889, Northern Trust reported $16.9 trillion in assets under custody and administration as of March 31, with assets under management at $1.6 trillion. Northern Trust Wealth Management, its wealth arm focused on affluent individuals and families, family offices, and endowments, reported $446.9 billion in AUM.

Montañez is taking over leadership of Northern Trust's wealth arm in the West from Marc Cosentino, who's preparing to retire after more than 30 years with the firm. In addition to leading the West Region, Cosentino previously served as president of Northern Trust’s Pacific Northwest and Northern California markets.

Cosentino's tenure as West Region president of Northern Trust's wealth division was relatively short-lived. He was elevated to the role just last October, roughly nine months ago, at the same time Northern Trust appointed Dino De Vita to lead its global family offices business.

The firm said he will oversee a team responsible for delivering investment management, trust and estate services, private and business banking, and financial consulting to clients across a region that includes major hubs of wealth generation like California, Arizona, Colorado, Nevada and Washington .

Montañez, who will be based in Los Angeles, brings nearly 25 years of industry experience to the role. He most recently served as executive vice president and head of private banking and wealth management at City National Bank. Prior to that, he held several roles over a 14-year stretch at Wells Fargo, including regional managing director and senior wealth advisor.

Northern Trust said the leadership shift comes at a time when the firm is focusing on evolving client needs across the Western states, where wealth generation is increasingly driven by business ownership, private equity, and generational transitions.

“Abel has a strong command of how wealth is evolving – business owners preparing for exits, families launching offices and rising generations taking the reins,” said Jason Tyler, president of Northern Trust Wealth Management. “He will help capture this momentum and invigorate a region that is defining modern wealth.”

The firm highlighted the West Region’s significance as a center for industries like technology, entertainment, and real estate – sectors that have driven substantial growth and complexity in wealth management.

Montañez is expected to guide the business through a landscape where client expectations are shifting toward more personalized and integrated service models.

The announcement of his hiring comes shortly after a brief swell of speculation around Northern Trust, kicked off by a Wall Street Journal story about supposed merger talks with BNY. Northern Trust was quick to deny the story, vowing it would remain as a standalone entity.

While the firm has publicly dismissed any merger talk with BNY, at least one person in the know told InvestmentNews the two have been sitting at the table discussing a potential deal for months.

For whatever it's worth, BNY CEO Robin Vince also indicated to Barron's that he's open to a strategic merger or acquisition.

“Disciplined M&A needs to be part of the tool kit of any thriving company,” Vince told the publication last week, without commenting directly on Northern Trust. “It doesn’t mean all deals are good deals. But having a thoughtful, horizon-scanning approach to identify opportunities in M&A to advance our strategy is a sensible thing to do for the benefit of shareholders.”