Chicago-based Northern Trust has unveiled a raft of upcoming top-level management changes with a mix of internal and external appointments.

Chicago-based Northern Trust has unveiled a raft of upcoming top-level management changes with a mix of internal and external appointments.

Sherry Barrat, vice chairman of Northern Trust and member of the management group, will retire at the end June after more than two decades at the firm. Before becoming vice chairman last year, she led the firm’s global personal financial services business, the division that provides asset management, fiduciary, estate and financial planning, private banking and family office services. She began her spell at Northern Trust in Miami, FL.

Tim Moen, currently head of human resources, will become chief administrative officer from the start of next month. This means that Moen will focus on employee engagement, talent management and other areas, while continuing to oversee human resources and the corporate services group. He will keep his place in the management group.

Biff Bowman, executive vice president and head of the Americas for corporate and institutional services, will succeed Moen as head of human resources and join the management group. Bowman has been with Northern Trust for nearly 30 years. His previous duties include director of Northern Trust’s operation in Guernsey in the English Channel and chief executive of Europe, Middle East and Africa.

David Fox will replace Bowman as the new head of the Americas for corporate and institutional services from the start of May. Fox joins Northern Trust from JP Morgan Chase, where he was latterly vice chairman of investment banking. He has been with JP Morgan Chase and its predecessor companies for more than 30 years and led the firm's global automotive and transportation business and general industries investment banking.

In other recent developments at Northern Trust, the group launched a global family and private investment offices group last month. The new creation will combine a number of its divisions in the US and EMEA that focus on serving ultra high net worth individuals and their family offices.