Northern Trust has hired Mike Mahoney as a transition manager for its EMEA team, as it looks to boost the business following the appointment of a new European head earlier this year.
Mahoney joins Northern Trust from State Street Global Markets where he was a transition manager and portfolio trader for the last eight years.
Based in London, he will focus on transition management services for Northern Trust’s insurance company and financial institution clients across the region.
Mahoney will also be responsible for all aspects of the transition event lifecycle, encompassing assignment origination, relationship management, execution strategy and end-to-end project management.
His appointment follows the hire of Craig Blackbourn from Nomura as head of transition management for EMEA in January this year.
Northern Trust has sought to boost its transition management team despite other global custodians deciding to withdraw from the business.
In March State Street announced it will close its transition management operations in London and Hong Kong due to diminishing demand for the services.
In 2013, Credit Suisse and JP Morgan both exited the business, only to be followed a year later by BNY Mellon.