By Murray Coleman
Northern Trust Corp.'s (NASDAQ:NTRS) interim head of its investment management business in Europe and Asia-Pacific has been given the job for good.
Wayne Bowers, with nearly 20 years of experience in asset management, is now permanent chief executive of Northern Trust Global Investments Ltd. In that role, he's responsible for the firm's investment management operations in the Middle East and Africa as well.
"Wayne's strong leadership qualities, disciplined decision-making and proven investment expertise make him ideally suited to this important role. We are at an exciting point in the development of our global asset management business and are delighted that Wayne will be leading our international activities," said Steve Potter, who was recently named NTGI's president, in a statement.
Bowers, who reports to Potter, had been acting CEO since December 2007. He joined Northern Trust in 1999 as director of global fixed- income, responsible for the London-based fixed-income portfolio management team.
Bowers was appointed chief investment officer for NTGI in 2007 before being named acting CEO. Before joining Northern Trust, he worked at ABN Amro Bank and Hambros Bank.
"Our investment management business in EMEA and APAC continues to see new opportunities for growth and expansion into new geographical markets and product areas," Bowers noted.
Northern Trust Corp. is a Chicago-based bank holding company. It operates a network of 85 offices in 18 states and 13 locations outside the U.S. Entering 2008, Northern Trust Corp. had assets under custody of $4.1 trillion, and assets under investment management of $757.2 billion.
Its NTGI arm had around (U.S.) $757.2 billion in assets under management worldwide.