Leadership roles in family office, asset servicing and wealth management are in the mix of changes announced by the US organisation yesterday.

Northern Trust, the Chicago-headquartered financial services group, has made a range of leadership changes in roles affecting asset servicing, wealth management and the family offices business. 

The changes take effect from 1 October, it said in a statement yesterday. 

Steven L Fradkin, who has served in roles including president of wealth management, president of asset servicing, chief financial officer, and head of the international business, will be named vice chairman of Northern Trust. 

CFO Jason Tyler, who will become president of wealth management, has been head of corporate strategy, asset management’s head of the institutional group, and wealth management CFO. 

David Fox, president of the global family and private investment offices group – interviewed by this publication in the summer this year – will be chief financial officer. He has served in roles such as head of the Americas for asset servicing and vice chairman of investment banking for JP Morgan. 

Northern Trust said it will soon name Fox’s successor for the global family and private investment offices role.

Peter B Cherecwich, president of asset servicing, will become chief operating officer, a newly-formed role. Cherecwich brings decades of experience in managing complex client relationships and global operations.

Finally, Teresa Parker will defer her previously-announced retirement and serve as president of asset servicing. Parker most recently served as president, Europe, Middle East and Africa (EMEA). She has been based in London, Singapore and Chicago and has held executive leadership positions including CEO for asset servicing; head of the Asia-Pacific region; and global head of securities lending.