Northern Trust has consolidated management of
its divisions serving UHNW clients and family offices in the US and
EMEA regions, bringing them together in a new global family and
private investment offices group.
The group will also manage Northern Trust’s
business serving international families through its Miami
J. Jeffery Kauffman will lead the group,
having previously been executive vice-president in the northeast
The creation of the new group is a part of a
wider reorganization, which has seen the northeastern and
southeastern regions combine to form a new east region.
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Personal Financial Services (PFS), the division that contains
the new group, is also combining its trust business and specialty
advisory services in a unified advisory practice which will be led
by Charlie Mueller, previously wealth advisory services leader.
There will be a new team responsible for client and partner
experience headed by Scott Dille, while Susan Mallory, previously
in charge of Northern Trust’s southern California offices, has been
appointed PFS banking practice executive.
Trend to consolidation
Private banks have been looking to consolidate their UHNW
businesses to take advantage of the ability of larger funds to
negotiate better deals.
Private Banker International reported last week on
Société Générale Private Banking’s plans to create ‘club deals’
between groups of UHNW clients.
HSBC has used similar deals since 2009 to buy high-profile
commercial property around the world for private client
Deutsche Bank has also beefed up collaboration between its CIB
and wealth management arm through its 300-strong key client