Northern Trust names a new head for Asia-Pacific to replace Teresa Parker, who is relocating to the Chicago headquarters.

Northern Trust, the Chicago-based financial services firm, has named a new Asia-Pacific head, to succeed Teresa Parker who is moving to the US to assume a key role at the headquarters.

William Mak is now head of the Asia-Pacific region, after serving as Singapore country manager and head of the South East Asia region since July 2010. Parker had been head of the region since August 2009, a statement from the bank said.

Prior to Northern Trust, Mak worked for BNY Mellon, ABN AMRO and the Monetary Authority of Singapore in the monetary and reserve management division. As the new Asia-Pacific head, he will lead around 3,600 employees in offices located in Bangalore, Beijing, Hong Kong, Kuala Lumpur, Melbourne, Singapore and Tokyo. 

Parker, who has been with Northern Trust since 1982, will relocate to Chicago in June to become a strategic advisor to corporate and institutional services president Steven Fradkin and his leadership team.

Northern Trust's Asia-Pacific business has expanded over the past five years, with assets under custody rising 14 per cent and assets under management growing by 11 per cent, according to Frederick Waddell, chairman and chief executive.

At the end of April, the firm launched a new investment programme in Shanghai in line with its participation to the Shanghai qualified limited partner programme. Earlier, Northern Trust relocated Peter Jordan, its chief administration officer for global fund services, from London to Melbourne to oversee its expanding asset servicing business in the region.

As at 31 March 2014, the company recorded $5.8 trillion in assets under custody worldwide and $915.4 billion in assets under investment management.