Northern Trust has named a former Citi exec as head of Asia-Pacific business development, to build business with the region's institutional clients, including asset managers and private banks.
George Hindmarsh starts at the US investment manager immediately with responsibility for leading asset servicing for corporations, sovereign wealth funds, central banks, government entities, superannuation funds, asset managers and other institutional clients in the region.
Hindmarsh has 15 years of banking industry experience, and joins from Citi Transaction Services, where he was most recently director, head of UK investor services product. Previously, he held client relationship roles for HSBC in Hong Kong and Canada. Hindmarsh’s appointment marks his return to the Asia-Pacific region.
At Northern Trust, Hindmarsh will oversee a regional sales team for corporate and institutional services with members based in Singapore and Australia, and report to Teresa Parker, chief executive officer for the Asia-Pacific region.
“George Hindmarsh has a record of creating innovative solutions, developing new markets and closing landmark mandates, and we are pleased to welcome him as sales leader for the Asia-Pacific region,” Parker said.
“In recent years, Northern Trust has experienced substantial growth in Asia-Pacific, in terms of assets and new clients, as well as the staff, products and capabilities to provide the level of service required by sophisticated investors in the region.”
Asia-Pacific is the fastest-growing global region for Northern Trust, in terms of assets under custody, with an annual growth rate of 9 per cent from 2007 through 2011. Regional staff has grown to more than 3,100 people, including the addition of investment operations outsourcing and hedge fund services teams. There have also been a number of senior appointments in the Melbourne office.
As of June 30, 2012, Northern Trust had assets under custody of US$4.6 trillion, and assets under investment management of US$704.3 billion.