Mr Johnsey joins from US brokerage Capital Institutional Services, where he was head of portfolio trading.
Mr Hardy said that Northern Trust’s growth had been particularly strong in Europe, where transition management was launched a year ago.
The highest number of mandates was coming from “the full spectrum” of new and existing clients in London, although mandates from the longer established core business in the US continued to be larger in terms of assets.
European has its own unique challenges, confided Mr Hardy. “On the information side European customers demand a lot. They want extremely detailed timetables to transition. The longer league times means that more time is taken over the deal and it has to be more tailored to the client.”
He said that this year Northern Trust had already bettered the number of assets it transitioned during the whole of last year by 20 per cent.
He expected to maintain the rate of growth into next year.
However, “I am mindful of growth for its own sake. I don’t ever want to let a client down, so at times they come to us and we recommend that they go elsewhere. We sit in a camp where we will only do the job if we can add value”.
Mr Hardy joined the firm a year ago from State Street Global Advisors, where he was head of structured products.
RM
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Transition management demand forces Northern Trust to create strategist post
October 2004
Northern Trust is bolstering its global transition management operation with the creation of a new post in its Chicago headquarters, to be filled by Grant Johnsey. The role, strategist for transition management worldwide, has been dreamt up to cope with the growth of the operation, according to its global director Kevin Hardy. Related articles: |
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