Frederick H. Waddell, Chairman and Chief Executive Officer, commented, "Our financial performance in the first quarter benefited from strong new business from both personal and institutional clients, as well as higher equity markets. Trust, investment and other servicing fees, which represent 65% of our revenue, grew 10% compared to last year and assets under custody and under management grew 9% and 13%, respectively, compared to last year.
In March, we were pleased to announce a planned increase in our quarterly dividend to $0.31 per common share, and a new share repurchase authorization. These announced actions are part of our capital plan, which was reviewed without objection by the Federal Reserve, demonstrating the strength of our financial position."
Frederick H. Waddell is Chairman and Chief Executive Officer of Northern Trust, one of the world's leading asset management, asset servicing, fund administration, fiduciary and banking services firms. Serving successful individuals, families and institutions worldwide, the Chicago-based, 121-year-old financial institution had $4.26 trillion in assets under custody and $663 billion in assets under management as of December 31, 2011.
Since joining Northern Trust in 1975, Mr. Waddell has held leadership positions in Commercial Banking, Strategic Planning and Personal Financial Services. In March 2003, he became head of the Corporate & Institutional Services business unit and, in February 2006, was named President and Chief Operating Office of Northern Trust. Mr. Waddell was appointed Chief Executive Officer on January 1, 2008, and named Chairman in November 2009.
Mr. Waddell received a bachelor's degree in government from Dartmouth College and a master's degree in business administration from the J.L. Kellogg School of Management of Northwestern University.
Mr. Waddell is a member of the Board of Directors of the Federal Reserve Bank of Chicago, The Chicago Council on Global Affairs, The Economic Club of Chicago, the Financial Services Roundtable, the Executives' Club of Chicago, The Chicago Club and United Way of Metropolitan Chicago. He is a member of the Commercial Club of Chicago and the Civic Committee of the Chicago Commonwealth Club. He is on the Board of Trustees of the Art Institute of Chicago, Northwestern University, the Chicago Symphony Orchestra and Northwestern Memorial Hospital. He also serves on the Trustees Committee of the Chicago Community Trust.
Steven L. Fradkin is President of the Corporate & Institutional Business Unit at Northern Trust and serves as a member of the Corporation’s Management Committee. Northern Trust’s C&IS business unit is a leading provider of asset servicing, investment management, banking and related services to institutional clients worldwide including but not limited to: sovereign wealth funds; corporate and public pension funds; investment management firms; insurance companies; foundations; endowments; healthcare organizations; and other supranational organizations.
During Mr. Fradkin’s 25-year tenure, he has held a variety of leadership roles. Prior to assuming his current role, he served as Executive Vice President & Chief Financial Officer of Northern Trust. He led Northern Trust’s international business before serving as Chief Financial Officer.
Mr. Fradkin joined Northern Trust in 1985 after graduating with a B.A. degree in economics from Washington University in St. Louis. He completed the Program for Management Development at Harvard Business School in 1994.
Mr. Fradkin serves on the Board of Trustees of the Museum of Contemporary Art in Chicago. He is a member of The Financial Services Roundtable, the Suzanne's Friends for Life Chapter of the Leukemia Research Foundation, The Chicago Council on Global Affairs, and Washington University's Arts & Sciences National Council and Chicago Regional Cabinet.
He is also a director of optionsXpress Holdings, Inc. and the founder of CFO Select, an exclusive forum for the exchange of ideas and best practices among Chief Financial Officers.
Jana R. Schreuder is a member of the Northern Trust Executive Management Group and is President of Personal Financial Services. Based at the company’s headquarters in Chicago, Jana leads Northern Trust’s private client and wealth management services globally, including investment management, fiduciary consulting, financial planning, private banking and other advisory services designed to assist successful individuals and families in growing, protecting and transferring their wealth.
Prior to her current role, Jana was President of Operations & Technology at Northern responsible for the technology infrastructure and applications development as well as custody and banking operations that support Northern Trust’s global business. She previously was the Corporation’s Head of Risk Management, responsible for overseeing the management of credit, market, fiduciary, operating, compliance, and strategic risk across all segments of our global business.
Jana was Group Head of the Public Entities and Institutions Segment responsible for client servicing and sales in the Corporate and Institutional Services Business Unit. Before that assignment, Jana was President and Chief Executive Officer of Northern Trust Retirement Consulting, L.L.C. (NTRC) in Atlanta, Georgia. NTRC delivered Actuarial/Consulting, Defined Contribution Outsourcing, Defined Benefit Outsourcing, Comprehensive Benefit Statements, and Education/Communication services.
Previous to the above-mentioned roles, Jana was Head of PFS National Services and was responsible for overseeing the development, management, and servicing of nationally focused products/services, as well as implementing consistent service standards and policies across the multi-state office network.
Jana also served as Northern Trust's E-Commerce Director.
Jana joined Northern Trust in 1980 as an employee benefits accountant. During her extensive career, she has also managed such areas as Securities Operations, Information Delivery and Risk and Performance Services.
Steve Potter is President of Northern Trust asset management. He is also Executive Vice President of Northern Trust and sits on the Corporation’s Management Group.
From 2001 until 2008, Steve was based in London and served as the Chief Executive Officer of Europe, Middle East and Africa overseeing all of Northern Trust businesses in the region. He also served as Chairman and Chief Executive Officer of Northern Trust Global Services Ltd. and Chairman of Northern Trust Global Investments, Ltd. He previously served in London as Segment Head, International and Global Fund Services.
Prior to moving to London, Steve served in Chicago as managing director of the Institutional Group within Northern Trust asset management. In this role he was responsible for global strategic planning, marketing, product development, client servicing and sales related to the institutional asset management business. Steve joined Northern Trust in 1982 and has 31 years of experience within the financial services industry.
Steve holds a B.A. in economics and history from Duke University and a MBA with concentrations in marketing and finance from the J. L. Kellogg Graduate School of Management at Northwestern University.
He is a member of the Board of Trustees of the Rush University Medical Center and The Solti Foundation. Steve also serves on the Financial Services Roundtable, the Board of the Institutional Investor Institute, and the Duke University Financial Economics Steering Committee. He is a member of the London Capital Club, The Worshipful Company of International Bankers, The Economic Club of Chicago and the Chicago Commonwealth Club.