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Monday, March 10, 2008

Northern Trust Taps New Asset Servicing Head

News summary by MFWire's editors

Northern Trust has tapped Jon Dunham to head up its North America Asset Servicing Sales. The position was previously held by Jeff Conover, who moved over to Northern Trust's corporate risk management group as a senior compliance manager. Dunham joins Northern Trust from Bank of New York Mellon Corporation, where he was national sales and marketing director.

Company Press Release

Northern Trust announced today the appointment of Jon Dunham as head of North America Asset Servicing Sales. Dunham joins Northern Trust from Bank of New York Mellon Corporation, where he spent more than 20 years in various business development roles, most recently as national sales and marketing director.

Dunham reports to Penelope Biggs, head of worldwide asset servicing business development for Northern Trust. He will manage a diverse institutional sales team based in Chicago, Boston, San Francisco and Toronto, covering the public fund, not-for-profit, Taft-Hartley, corporate, insurance, investment manager and middle market segments. While directing sales of Northern Trust asset servicing products, including global custody, benefit payments, fund administration and investment operations outsourcing, Dunham will also coordinate closely with Northern Trust Global Investments, the firm’s $757 billion asset management arm, to strengthen cross-selling efforts.

“Northern Trust is delighted to benefit from Jon’s leadership and industry expertise as we continue to build our presence servicing sophisticated institutional investors and investment managers in North America,” said Biggs. “With Northern Trust’s reputation for high quality client service, thought leadership and product innovation presents a great opportunity for Jon and his team as they spearhead the growth of our asset servicing business in the region.”

Dunham has significant experience in the industry from his time spent with Bank of New York Mellon. Prior to his most recent role in sales and marketing, he held several senior positions in market segment sales, new business development and product management.

“While many consider North America to be an established market, it is actually extremely dynamic with highly sophisticated clients implementing increasingly complex investment strategies,” Dunham said. “Northern Trust is very well positioned to capitalize on the tremendous opportunities in this region – from cross-border, tax transparent pooling to hedge fund administration to investment operations outsourcing. This potential, coupled with the culture of the organization, are the main reasons I joined Northern Trust. I look forward to working with my new team to address the evolving demands of such a diverse and complex client base.”

Timothy Theriault, president of Corporate & Institutional Services at Northern Trust, noted that Dunham's hiring follows the appointment of Peter Cherecwich, a former State Street Corp. executive, as head of global product and strategy in 2007. “As Northern Trust’s institutional business experiences global growth, we will continue to make strategic appointments for North America and other regions across sales, product, strategy and consulting disciplines,” Theriault said.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a multibank holding company based in Chicago, has a growing network of 85 offices in 18 U.S. states and has international offices in 13 locations in North America, Europe and the Asia-Pacific region. As of December 31, 2007, Northern Trust had assets under custody of US$4.1 trillion, and assets under investment management of US$757.2 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining high-touch service and expertise with innovative products and technology. For more information, visit http://www.northerntrust.com.

Edited by: Erin Kello

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