Northern Trust Corp. has announced that in July it will open a New York City wealth management office, its first outside of Chicago.
The Manhattan office is to serve affluent and ultrawealthy clients in the Northeast. It will offer current and potential clients private banking, trust, investment management, financial consulting and wealth advisory services, the company said.
Alison A. Winter, president of Northerns personal financial services in the Northeast, said in a statement that the company is well positioned for growth there.
John J. "Jeff" Kauffman was named president of Northern Trust Bank-New York. And Thomas V. Smith Jr. was named managing director of wealth management in the Northeast. He is to target New York, Boston, Philadelphia and Washington.
When the office opens, Northern will have 84 offices in 14 states. As of March 31, Northern Trust Personal Financial Services had $156 billion of trust assets under administration and $87.3 billion under management. Its wealth management group, a segment of the personal financial services unit, administers $65 billion of assets and serves 288 families in 49 states and nine countries.