Northern Trust hires ING's Browne as investing chief

Northern Trust Corp., the Chicago-based custody bank, named ING Investment Management executive Robert P. Browne its chief investment officer.

Browne replaces Orie L. Dudley Jr., who retired after serving as head of investments since 2000, the company said in a statement today. Browne will report to Stephen N. Potter, president of Northern Trust Global Investments, the company's money-management unit.

The amount of money Northern Trust invests for clients shrank by 32 percent in 2008 to $575.5 billion as world stock markets shed value. The company reported a $44.4 million charge in the fourth quarter to reflect losses its investment portfolio that are no longer considered temporary under U.S. accounting rules. Bank of New York Mellon Corp., the world's largest custody bank, reported $1.2 billion in similar losses.

Browne, 43, was chief investment officer for fixed-income and proprietary investments at ING in Atlanta. He previously worked as co-head of North American fixed-income teams for Merrill Lynch Investment Managers and held positions in Japan and the U.K. for JPMorgan & Chase Co.

Northern Trust, like other custody banks, keeps records, tracks performance and lends securities to institutional investors including mutual funds, pensions and hedge funds. Its investment unit also manages mutual funds and separate accounts for institutions and wealthy individuals.