Northern Trust, a US-based investment management firm, has appointed Michael O’Grady as its new president.

O’Grady will take over the new role on 1 January 2017, and report to Northern Trust chairman and CEO Frederick Waddell.  He has also been elected to the board of directors at Northern Trust.

Northern Trust president of wealth management Steve Fradkin and president of asset management will report to O’Grady after he assumes the new role.

O’Grady currently serves as president of corporate & institutional services (C&IS) at Northern Trust, a role which he will retain till a replacement is named. He previously also served as executive vice president and CFO at Northern Trust, where he joined in 2011.

Prior to joining Northern Trust, he was managing director in the financial institutions investment banking group at Bank of America Merrill Lynch. 

“Mike has proven himself to be an exceptional leader, both internally and externally, and a highly regarded member of our executive management team. He has deep industry experience, a keen understanding of Northern Trust, and a strong track record of translating vision and strategy into execution,” Waddell said.