Business

Northern Trust CEO Waddell to assume chairman title

Posted July 20, 2009 11:00 pm

Bloomberg News

Northern Trust Corp. Chairman William Osborn plans to step down Nov. 11, when Chief Executive Officer Frederick Waddell will take the additional title of chairman.

Osborn, 61, will end 39 years at Northern Trust that included almost 14 as chairman and more than 12 as CEO, the Chicago-based company said today in a statement. Waddell, 56, succeeded Osborn as chief executive officer in January 2008.

The company's assets under custody have grown to $2.84 trillion as of March 31 from about $68 billion at the end of March 1995. Custody banks keep records and track performance for institutional investors including mutual funds, pensions and hedge funds.

Northern Trust, the third-largest independent custody after Bank of New York Mellon Corp. and Boston's State Street Corp., is scheduled to report second-quarter earnings tomorrow before the start of regular U.S. trading.

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