Northern Trust Expands Family Office and Private Investment Group

Rhea-AI Summary

Northern Trust has appointed Philip Tedeschi as the Director of Client Development for the East Region within its Global Family and Private Investment Office Services business. Tedeschi, based in Boston, will spearhead market development initiatives and support national priorities. He brings over 15 years of experience from BNY Mellon, where he held various leadership roles. Northern Trust’s GFO group serves over 450 families globally, with an average client size of US$900 million, backed by $347.8 billion in assets under management as of December 31, 2020.

Positive

• Appointment of Philip Tedeschi as Director of Client Development suggests strategic growth and market focus.
• Tedeschi's extensive experience in wealth management could enhance client relations and service delivery.
• Northern Trust's GFO group has a strong client base, averaging US$900 million in client size, indicating solid market positioning.

Negative

• None.

Northern Trust, a leading provider of wealth management services, announced today that Philip Tedeschi has been appointed Director of Client Development, East Region, for the firm’s Global Family and Private Investment Office Services (GFO) business.

In his role, Tedeschi will help lead market development initiatives, while simultaneously supporting national priorities for the GFO business. Tedeschi will be based in Northern Trust’s Boston office.

“Philip’s appointment reinforces our commitment to serving the growing needs of family offices in the East region,” said David W. Fox Jr., President of Northern Trust’s Global Family and Private Investment Office Services. “His extensive experience with multi-generational wealth owners, quality leadership and knowledge of the region will add tremendous value to our business and its objectives.”

Tedeschi arrives from BNY Mellon, where he served in several client development and leadership roles over the past 15 years, including Managing Director of Sales and Investment Management for BNY’s Family Office. Most recently, Tedeschi was Acting Head of BNY’s Family Office and International businesses where he managed more than 150 professionals. Tedeschi earned his law degree from New England School of Law and holds a master’s degree from Boston University.

Founded in 1982, Northern Trust’s GFO group has a focused commitment to families of significant wealth, their private foundations and the family offices that serve them. Among the longest-standing family office providers, GFO combines Northern Trust’s institutional-strength technology, investment capabilities and global platform with its 130-year heritage of serving as a fiduciary and wealth manager. Across the globe, the group has over 265 dedicated professionals who work with more than 450 families in more than 30 countries. The average client size is US$900 million.

Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and privately held businesses. It is recognized for its innovative technology, service excellence and depth of expertise and ranks among the top 10 U.S. wealth managers, with $347.8 billion in assets under management as of December 31, 2020. The Northern Trust Company is an Equal Housing Lender. Member FDIC.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2020, Northern Trust had assets under custody/administration of US$14.5 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.

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FAQ

What is the significance of Philip Tedeschi's appointment at Northern Trust?

Philip Tedeschi's appointment as Director of Client Development indicates Northern Trust's commitment to expanding its Global Family and Private Investment Office Services in the East Region.

How does Northern Trust's average client size compare within the wealth management industry?

Northern Trust's average client size in the Global Family and Private Investment Office Services is US$900 million, showcasing its focus on high-net-worth families.

What are Northern Trust's assets under management as of December 31, 2020?

As of December 31, 2020, Northern Trust managed assets totaling $347.8 billion, reflecting its strong position in the wealth management sector.

Where is Philip Tedeschi based after his appointment?

Philip Tedeschi will be based in Northern Trust's Boston office following his appointment.

What experience does Philip Tedeschi bring to Northern Trust?

Philip Tedeschi has over 15 years of experience in client development and leadership roles at BNY Mellon, enhancing his capacity to drive Northern Trust's growth.