Northern Trust’s Justin Chapman has taken on a new global executive role for its securities services business, following an organisational change within its asset servicing leadership.
Chapman will oversee the product range for securities services, in addition to his current role as global head of market advocacy and innovation research, Global Custodian understands.
A spokesperson from Northern Trust said the organisational change was carried out to ensure its senior leaders and the custodian’s strategic focus is aligned with changing client’s needs.
“Based on their experience and area of expertise senior leaders will take on the additional role of product executive accountable for the strategic direction of their assigned product range – in Justin’s case, he will be the product executive for securities services,” said the spokesperson.
Northern Trust has sought to significantly expand its securities services product range throughout the year, using new technologies such as blockchain to provide fund administration services in the private equity market.
It has also provided reporting services to a select number of hedge funds that have a small portion of assets in the cryptocurrency market, with Chapman’s market advocacy team exploring the potential of a crypto custody model.