Northern Trust Expands Outsourced CIO Services Team

Northern Trust Asset Management has made five senior hires in support of its growing Outsourced Chief Investment Officer (OCIO) services.
By Jake Safane(2147484770)
Northern Trust Asset Management has made five senior hires in support of its growing Outsourced Chief Investment Officer (OCIO) services.

The bank’s OCIO services include offerings such as program construction, performance reporting, risk management, investment manager selection, trust and custody services, and benefit payment services

Three of the hires will serve as client investment officers. One, Patrick Groenendijk, will serve as a client investment officer in multi-manager solutions, coming to Northern Trust from Pensioenfonds Vervoer in the Netherlands, where he was responsible for managing the transport industry pension fund with $19 billion in assets. The other two client investment officers, James Hayes and Tracey Nykiel, respectively came from Allstate Investments and consultant R.V. Kuhns & Associates.

Northern Trust has also hired Nazneen Kanga as a solutions strategist focusing on foundations, endowments and global family offices. Kanga comes from Morgan Creek Capital Management.

The last hire, Kurt Zemaier, will serve as a pension risk strategist, coming from investment consultant Hewitt EnnisKnupp.

“As demand for investment outsourcing continues to grow, we are pleased to add executives who will support our expanded client base while adding new dimensions of experience and talent to our team,” says Joseph McInerney, head of multi-manager solutions at Northern Trust Asset Management. “Patrick Groenendijk has extensive global investment knowledge and regularly speaks at global conferences on topics relating to the effective outsourcing of asset management and innovative investment strategies to manage pension funds. Jim Hayes, Nazneen Kanga, Tracey Nykiel and Kurt Zemaier bring deep investment expertise and practical perspectives that will help our clients navigate a complex economic, investment and regulatory environment.”

Northern Trust has seen significant growth in its investment outsourcing services, adding $14 billion in new assets in the 12 months ending June 30, 2014, with new clients such as corporate defined benefit pensions, a multi-employer pension plan, family offices and non-profit institutions in the U.S., Canada and Europe.

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