Asset manager and fund administrator Northern Trust Corp. has hired David Fox Jr. as head of Northern’s Corporate & Institutional Services for the Americas. Also, Northern Trust Vice Chairman and Management Group member Sherry Barrat will retire at the end of June.

C&IS is Northern’s company’s institutional asset custody arm. As of December 31, 2011, Northern Trust had assets under custody of US$4.3 trillion, and assets under investment management of US$662.9 billion

David Fox Jr. is the son of retired Northern Trust chairman David Fox. Fox joins Northern Trust from JPMorgan Chase, where he worked for over 30-years, most recently serving as vice chairman of Investment Banking. He has also led the firm’s Global Automotive and Transportation business and General Industries Investment Banking.

Fox replaces Biff Bowman, who has been promoted to head of Human Resources and joins Northern’s Management Group. Bowman replaces Tom Moen, who has been promoted to chief administrative officer. In this role, Moen will continue to oversee human resources and Northern’s corporate services group, reporting to Northern Trust chairman and chief executive officer Frederick Waddell. Moen will focus employee engagement, talent management and other areas.

“Sherry's vision, energy and leadership, along with her passion for our clients, have been instrumental in keeping Northern Trust the premier wealth management firm in the U.S.,” Waddell said in a statement. “She has deep expertise in client relationship development and has served as a mentor and role model to many. Sherry has made a great impact on Northern Trust, and she will be missed.”

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