Michael O’Grady, Chairman and Chief Executive Officer, commented, “Northern Trust’s performance in the fourth quarter 2018 produced revenue growth of 6% and earnings per share growth of 19% compared to the prior year. For the full year 2018, the Company generated revenue growth of 11%, earnings per share growth of 35% and a return on average common equity of 16.2%. Our full year results also produced positive fee and total operating leverage, and solid improvements in profitability and returns.
We announced yesterday that we are increasing our quarterly dividend to $0.60 per share, representing an increase of 9% from the prior quarter and 43% compared to one year ago. During 2018, we returned a record $1.4 billion to common shareholders through dividends and the repurchase of 9.0 million shares. As we enter 2019, we remain focused on providing our clients with exceptional service, improving our productivity, and investing in future growth.”
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.