The asset custodian has made a series of promotions in the Corporate and Institutional Services (C&IS) group.
Peter B. Cherecwich, president, C&IS
Asset custodian Northern Trust is shaking up its executive line-up for the Corporate and Institutional Services (C&IS) via a series of promotions starting with Peter B. Cherecwich, who has been named president of the C&IS group. Cherecwich had been serving in a regional role as president of C&IS-Americas.
Cherecwich succeeds Michael O’Grady who moved up to the position of president of the Northern Trust Corp., effective Jan. 1, officials say. Until Cherecwich was named to replace him, O’Grady has been serving as president of C&IS.
O’Grady reports to Frederick H. Waddell, chairman and CEO. Steve Fradkin, president of the Wealth Management group, and Steve Potter, president of Asset Management, will report to O’Grady effective Jan. 1, officials add.
Northern Trust’s C&IS business unit provide asset servicing, investment management, banking and related services to institutional clients such as corporate and public pension funds, sovereign wealth funds, supranational organizations, investment management firms, foundations and endowments, and other financial institutions, officials say.
Cherecwich, who joined Northern Trust in 2007, has been serving as president, C&IS-Americas, president of Global Fund Services (GFS), and has been a member of Northern Trust’s Management Group since 2014, officials say. Cherecwich has more than 30 years of experience in financial services, and has served as chief operating officer (COO) and head of institutional product and strategy for C&IS.
In a related move, Jeffrey D. Cohodes, a management group member chief risk officer (CRO), will succeed Cherecwich as president of C&IS-Americas, officials
Jeffrey D. Cohodes, president, C&IS-Americas
say. In addition to the regional role, Cohodes has been named Chief Advisor for Global Counterparty Strategy, “focused on credit risk and regulatory requirements across capital markets and banking,” officials add. Cohodes has been serving as CRO since 2011.
Northern Trust has filled the CRO post with Wilson Leech, a Northern Trust management group member who has also served as president of Northern Trust — EMEA since 2010, officials say. He had had oversight for asset servicing and asset management solutions and services for institutional and ultra-high-net-worth clients across the region. An industry veteran, Leech has worked in financial services for more than 25 years and joined Northern Trust in 2004 to lead the GFS business. He will be based in Chicago.
The C&IS group will see another shift when the current chief operating officer (COO) Teresa A. Parker moves on to the role of president, Northern Trust —EMEA (Europe, Middle East and Africa), and joins the corporation’s Management Group, officials say.
Parker will succeed Leech and a replacement for her role as COO “will be named shortly,” officials add.
Teresa A. Parker, president, Northern Trust — EMEA
As COO, Parker was responsible for making Northern Trust’s business capabilities, technology and operating model meet client needs, officials say. Based in London, Park has previously held leadership roles such as president, Northern Trust-Asia-Pacific; head of EMEA’s Institutional and Wealth Management businesses; COO for EMEA and global head of asset servicing.
Northern Trust officials say the appointments will take effect Feb. 1, 2017 except for Parker’s promotion which is subject to regulatory approval.
In Europe, Northern Trust hired Craig Blackbourn as head of transition management for Europe, Middle East and Africa (EMEA), which highlighted “its commitment to its transition management business,” officials say.
In the new role, Blackbourn will oversee offering institutional investors across the region transition management solutions that “combine risk and project management with global trading expertise,” officials say.
Blackbourn, who has more than 22 years of financial services experience, joins from Nomura International, where he was head of transition management, EMEA, officials say.
His career also includes work at Lehman Brothers, BNP Paribas Securities Services, Aberdeen Asset Management and the custody and asset management
Wilson Leech, CRO, Northern Trust
businesses of Deutsche Bank. He reports to Ben Jenkins, global head of transition management at Northern Trust, officials add.
Blackbourn’s appointment underscores Northern Trust’s “continued investment in its global capital markets business which encompasses transition management, brokerage, foreign exchange and securities lending services,” officials say.
The Chicago-based Northern Trust has offices in 19 American states, in Washington, D.C., and in Canada, Europe, the Middle East and the Asia-Pacific region. As of Sept. 30, 2016, Northern Trust had assets under custody of $6.7 trillion, and assets under management of $946 billion, officials say.
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