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Northern Trust Adds To Professional Athlete Group
Eliane Chavagnon
15 August 2012
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.