Michael O’Grady, President and Chief Executive Officer, commented, “Northern Trust continued to perform well in the second quarter, delivering strong growth and returns on capital for shareholders. This quarter’s results reflected organic growth in our businesses along with generally favorable macroeconomic conditions. Trust, investment and other servicing fees, net interest income, and foreign exchange trading income all delivered double-digit, year-over-year growth. This performance produced solid positive operating leverage and fee operating leverage versus last year, while we continued to focus on our strategy of providing clients with outstanding solutions and differentiated service, improving productivity, and investing in future growth.”
Frederick H. Waddell is Chairman of the Board 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, 129-year-old financial institution had $8.1 trillion in assets under custody and $1.2 trillion in assets under management as of December 31, 2017.
Since joining Northern Trust in 1975, Mr. Waddell has held leadership positions in commercial banking, strategic planning and Wealth Management. In March 2003, he became head of the Corporate & Institutional Services business unit and, in February 2006, was named President and Chief Operating Officer of Northern Trust. Mr. Waddell served as Chief Executive Officer from January 2008 to December 2017, and was 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 AbbVie, IBM, The Chicago Council on Global Affairs, Chicago Urban League, the United Way of Metropolitan Chicago, the International Monetary Conference, and the Financial Services Roundtable. He is Chairman of the Civic Committee of The Commercial Club and also serves as Vice Chairman of The Commercial Club. Mr. Waddell 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 Global Advisory Board of the Kellogg School of Management and is an executive advisor to the Metropolitan Planning Council.
Michael O’Grady is Chief Executive Officer and President and a Member of the Board of Directors of the Northern Trust, one of the world’s leading financial institutions focused on wealth management, asset management and asset servicing.
Prior to assuming his current role, Mike served as President of the Corporate & Institutional Services business unit at Northern Trust in 2015 and as Executive Vice President and Chief Financial Officer of Northern Trust from 2011 to 2015.
Mike joined Northern Trust in 2011 from Bank of America Merrill Lynch, where he served as a Managing Director in the firm's Investment Banking Group. He joined Merrill Lynch in 1992. Prior to Merrill Lynch, Mike worked for Price Waterhouse.
Mike earned a BBA from the University of Notre Dame and an MBA from Harvard Graduate School of Business.
He is a member of the boards of The Field Museum, the Museum of Contemporary Art Chicago, and Catholic Extension and the Finance Council of the Archdiocese of Chicago, and the Board of Advisors of Catholic Charities.
Pete is an Executive Vice President and a member of Northern Trust’s Management Group in Chicago. Pete currently serves as the President of Corporate & Institutional Services business unit.
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 corporate and public pension funds, sovereign wealth funds, supranational organizations, investment management firms, foundations and endowments, healthcare organizations, insurance companies, and other financial institutions.
An industry veteran, Pete brings over 25 years experience in working in a global organization and managing extremely large and complex client relationships. Pete originally joined Northern Trust in July 2007 as Head of Institutional Product and Strategy. Prior to joining Northern Trust, Pete served in various executive and lead operational roles at State Street Bank.
Shundrawn A. Thomas serves as the President of Asset Management. In his previous role as Executive Vice President, Head of Funds and Managed Accounts Group he was responsible for the development, management and distribution of the firm's mutual funds, institutional mutual funds and exchange-traded funds as well as related business activities. He also oversaw the Managed Accounts practice which provides investment advisory solutions to existing clients and financial intermediaries. His broad executive responsibilities involved developing long-term strategy, executing operating plans, managing client and vendor relationships and developing and retaining talented professionals.
Previously, Shundrawn served as President and Chief Executive of Northern Trust Securities, Inc. a wholly owned subsidiary of Northern Trust Corporation. In addition to his general management responsibilities, he was responsible for overseeing financial management and working with regulators including FINRA and the Securities and Exchange Commission. He also served as Head of Corporate Strategy for Northern Trust Corporation. As a direct report to the Chief Executive Officer, he supported executive management with key strategic planning initiatives. Prior to joining Northern Trust, Shundrawn served as a vice president for Goldman Sachs and held positions in sales, trading and research with Morgan Stanley.
Shundrawn received a B.S. degree in Accounting from Florida A&M University and an M.B.A. degree from the University of Chicago Booth School of Business. He has also completed executive education programs in corporate strategy at Chicago Booth School of Business and corporate governance at University of Notre Dame Mendoza School of Business. Shundrawn currently holds the FINRA series 7, 63 and 24 securities licenses.
Shundrawn currently serves as a trustee for Wheaton College and as a board director of the Florida A & M University Foundation. Shundrawn is a member of the Economic Club of Chicago. His civic involvement has afforded him the opportunity to speak and lecture nationally on topics including leadership, strategy, investment management and professional development.