Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “Our second quarter results continued to demonstrate our ability to drive strong growth within both our wealth management and institutional businesses. Trust, investment and other servicing fees and net interest income grew 9% and 14%, respectively, compared to the prior year. The growth in fees was driven by strong growth in client assets, as assets under custody/administration and assets under management ended the quarter up 15% and 14%, respectively, compared to a year ago. We remain committed to driving efficiencies in our cost base for the long term, while continuing to invest in people, technology, and regulatory initiatives to support our growing businesses.”
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.