Corporate and Institutional Services (C&IS)
Headed by Frederick H. Waddell, President—Corporate and Institutional Services,
C&IS is a leading worldwide provider of asset management, administration
and related services to corporate and public entity retirement funds, foundations
and endowments, fund managers, insurance companies and government funds. Asset
management and administration services encompass a full range of state-of-the-art
capabilities including: worldwide master trust and master custody, settlement
and reporting; cash management; and investment risk and analytical services.
Trust and custody relationships managed by C&IS often include asset management,
securities lending, transition management and commission recapture services
provided through the Northern Trust Global Investments business unit.
Personal Financial Services (PFS)
Headed by William L. Morrison, President—Personal Financial Services, PFS provides
personal trust, custody and investment management services; individual retirement
accounts; guardianship and estate administration; banking (including private
banking) and residential real estate mortgage lending. PFS services are delivered
through the Bank in Illinois and also through a network of national bank subsidiaries
with offices in Arizona, California, Colorado, Florida and Texas, and a federal
savings bank subsidiary with offices in Connecticut, Georgia, Massachusetts,
Michigan, Missouri, Nevada, New York, Washington and Wisconsin. Northern Trust
currently has 82 PFS offices in 15 states. Northern Trust’s first New York office
opened in July 2003, and its Stamford, Connecticut office opened in December
2003.
Northern Trust Global Investments (NTGI)
Headed by Terence J. Toth, President—Northern Trust Global Investments, NTGI,
through various subsidiaries of the Corporation, provides a broad range of investment
management and related services and other products to domestic and international
clients of C&IS and PFS. Clients include institutional and individual separately
managed accounts, bank common and collective funds, registered investment companies,
non-U.S. collective investment funds and unregistered private investment funds,
including funds of funds. NTGI offers both active and passive equity and fixed
income portfolio management, as well as traditional multi-manager products and
services. NTGI’s activities also encompass brokerage, securities lending and
related services. NTGI’s international business operates through subsidiaries,
joint ventures, alliances and distribution arrangements with entities in Canada,
France, Germany, Ireland, Italy, Japan, the U. K. and the Cayman Islands. As
a result of the Corporation’s recent election of financial holding company status
under GLBA, NTGI has the ability to offer an increased array of alternative
investment products going forward.