People Moves
Northern Trust Adds To Professional Athlete Group
Chicago’s Northern Trust has appointed Norman Greenidge as national director of the firm's professional athlete group - a role in which he will focus on meeting the unique wealth management needs of this client segment.
Greenidge will provide athletes with financial planning, investment management, trust and estate planning and private banking. He reports to Michele Havens, president for the Los Angeles, CA, region.
Havens said Greenidge will bring a “fresh perspective” in serving the firm’s professional athlete clients by emphasizing financial education and working with them to draw up customized wealth management plans.
Greenidge has over 30 years of financial services experience and has worked extensively with affluent families. He joined Northern Trust in 1996 and most recently served as a managing director in LA. Prior to Northern Trust, he spent 15 years with Chase Manhattan Bank.
Catering to HNW sports professionals
Greenidge’s appointment at Northern Trust highlights the importance for wealth management firms to create positions dedicated to supporting high net worth individuals whose professions mean that, while they encounter many of the challenges (and thus require the same services) as other HNW clients, they may benefit from additional support due to unique lifestyles.
Athletes are often surrounded by a good support network of family, friends and an agent. However, in terms of finances, “the great majority is guided by the wrong people,” Paul Tramontano, chief executive of Constellation Wealth Advisors, told Family Wealth Report in an interview earlier this year (view here).
Other efforts have also been made by firms to cater to this niche. For example, in March, New York-headquartered Asset Alliance Corporation acquired an equity interest in Monarch Business and Wealth Management, a financial and life management business for entertainers, athletes and wealthy families.
Northern Trust has $175.9 billion in assets under management as of June 30. The firm has over 70 offices across the US and abroad.
