Frederick H. Waddell, Chairman and Chief Executive Officer, commented, “Our third quarter results continued to demonstrate our ability to drive top-line growth with revenue increasing 11% compared to one year ago. Assets under custody/administration and assets under management ended the quarter up 14% and 19%, respectively, compared to a year ago, reflecting higher markets and our continued success in winning new business. On October 2, 2017, we announced the closing of our acquisition of UBS Asset Management’s fund administration units in Luxembourg and Switzerland, further underpinning our growth strategy in Continental Europe. With our ‘Value For Spend’ initiative, we plan to reduce our expense run-rate by approximately $250 million by 2020.”
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, 128-year-old financial institution had $7.8 trillion in assets under custody and $1.1 trillion in assets under management as of September 30, 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 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 AbbVie Inc., IBM, The Chicago Council on Global Affairs, Chicago Urban League, the United Way of Metropolitan Chicago, and the Financial Services Roundtable. He is President of the International Monetary Conference, 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, the Civic Federation and Northwestern Memorial Hospital. He also serves on the Federal Advisory Council, the Trustees Committee of The Chicago Community Trust, the Global Advisory Board of the Kellogg School of Management, and is an executive advisor to the Metropolitan Planning Council.
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.