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 office.
J. Jeffery Kauffman will lead the group, having previously been executive vice-president in the northeast region.
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.
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 syndicates.
Deutsche Bank has also beefed up collaboration between its CIB and wealth management arm through its 300-strong key client group.