Northern Trust has tapped company veteran Sheldon Woldt to lead the bank’s expansion in the Middle East. In this newly created role, Woldt will work with regional management in Europe, the Middle East and Africa and draw on “Northern Trust’s asset servicing, asset management and wealth management expertise serving institutional asset owners, asset managers and family office clients,” the bank said in a statement.
Woldt will relocate from Chicago to Abu Dhabi and will report to Penelope Biggs, head of the Institutional Investor Group, EMEA.
Woldt has been with Northern Trust since 1983. During that time he has worked with a range of Middle East clients across a number of sectors, the bank said. He has held roles in banking operations, financial analysis and client relationship management in commercial lending, treasury management, investment management and global custody. Most recently, he was head of the U.S. insurance client business.
“Sheldon’s experience working with clients in the region provides him with a fitting base from which to develop the next phase in our Middle East growth strategy, and oversee the continued evolution of our business in the region,” Wilson Leech, chief executive officer, EMEA, Northern Trust, said in a statement.
Northern Trust opened its representative office in Abu Dhabi in 2008. The company is based in Chicago and has offices in 18 states and 16 countries.