Asset Servicing Expert
Head of The Northern Trust International Banking Corporation
Peter is an Executive Vice President at The Northern Trust Company and serves as head of The Northern Trust International Banking Corporation (TNTIBC) which provides customized international payments and an array of multicurrency services to institutional entities globally. As an edge act corporation, Peter serves as the Chairman and CEO of TNTIBC which operates as a subsidiary of Northern Trust Company. TNTIBC also provides International Banking services for Alternative Funds and Fund Administrators.
Prior to his current role, Peter was Head of Northern Trust Alternative Fund and Omnium Business Services (NTAFOBS), which provides a broad array of integrated middle and back office administration solutions to the world's most sophisticated global alternative fund managers and institutional investors. Peter led the business from its acquisition in 2011 through 2020, which saw the business more than triple in size since, to $400+ billion in assets under administration and a staff of 1,500+.
Prior to the acquisition by Northern Trust from Citadel, Peter served as Omnium's Global Head of Business Development and Client Service, responsible for all new business sales and client relationships.
With over 20 years of industry experience, Peter has held various executive and management positions in business development, client service and operations, including as CEO of OpHedge Investment Services, another hedge fund administration company. Leading the firm through the financial crisis of '08, he created enterprise value and sold the company and its assets at nearly eight times its initial value – improving incremental margins by 100% through increased revenues, cost reduction, process efficiencies and increased scale.
Peter also served as the Global Head of Operations and Prime Brokerage for Royal Bank of Canada (RBC) Capital Markets, where he led a $200 million integration initiative, the Bank's largest, of all Capital Markets Operations across four separate broker dealers, three continents and 1700 operations professionals. Prior to RBC, Peter held the position of Global Head of Operations for Greenwich NatWest. He began his career at Salomon Brothers, where he held several positions in operations management.
Peter received a BA degree in Economics from Princeton University.
Peter's Insights & Research
While crises like the pandemic can usher in high volatility and elevated stress in business relationships, they can also serve as opportunities to build trust.
Automation is key for managing alternative funds, particularly when it comes to decreasing data security risk, working with a fund administrator and managing cash and collateral needs.
As alts managers plot their COVID comebacks, committing to an asset class expansion requires thorough reflection.
How diversifying into new asset classes raises opportunities and challenges.
As global investment markets became more efficient and persistent low interest rates saw returns dry up, institutional investors have been turning to alternative assets in their efforts to generate performance.
Optimizing operational efficiency and collateral and cash management can be significant competitive differentiators.