Northern Trust has appointed Peter Jordan, a Senior Vice President, as managing director, Northern Trust Ireland. The subsidiary, based in Dublin, has a custody arm but operates chiefly as the Fund Services division of the bank, and Jordan is charged mainly with expanding the fund services outsourcing operations of Northern Trust.
Jordan will take over the position currently held by Rick Wills, Senior Vice President and Managing Director of Northern Trust Ireland since May 2000. Jordan has been in the financial services industry for 15 years, of which 10 years were spent in various management positions at Northern Trust. He most recently headed up its Investment Management Liaison Groups in London and Singapore, which serve to support relationships with investment managers throughout Europe and the Asia Pacific region. Prior to this position, Jordan managed information delivery and client administration for U.S. public funds and Taft-Hartley client segments out of Northern Trust’s Chicago office.
Northern Trust says Jordan arrives as its fund services operations gather momentum. Since Wills arrived in the early summer of 2000, Northern Trust climbed up the Fitzrovia rankings of Dublin fund administrators from twentieth place to eighth, in terms of assets under administration. To support this expansion, Northern Trust Dublin moved into new and larger premises in Dublin’s George’s Quay in 2001.
Rick Wills will return to Northern Trust’s headquarters in Chicago and assume a new management position in its Global Fund Services Practice. Wills will play an integral role in Northern Trust’s growing outsourcing business to investment managers worldwide.
“We are implementing the solid management succession plan mapped out for our business in Ireland,” comments Steve Fradkin, Executive Vice President and Head of the International Group and Global Fund Services Practice at Northern Trust. “Rick has done a great job in building our infrastructure and business in Dublin, and Pete’s experience will ensure this transition is a smooth one.”
Northern Trust Ireland is made up of three companies: Northern Trust Custodial Services (Ireland) Limited and Northern Trust Investor Services (Ireland) Limited were incorporated in 1990, following the creation of the IFSC in Dublin. Northern Trust Fund Services (Ireland) Limited was created for regulatory purposes in 1997.