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Northern Trust Makes Key Fund Accounting and Fund Administration Hires in North America Global Fund Services
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Northern Trust announced the appointments of Steven Reydel and Michael McMaster as heads of North America Fund Accounting and Fund Administration, respectively. Reydel, with 20 years of experience, will focus on establishing the Global Fund Services (GFS) business in Boston, while McMaster brings over 25 years of expertise, having previously worked at Northern Trust. Their leadership is expected to enhance client services and operational efficiency in response to market needs.
Positive
Appointment of experienced leaders expected to strengthen operational efficiency.
Reydel's focus on Boston aims to expand GFS business and meet asset manager needs.
McMaster's return to Northern Trust brings valuable expertise in financial reporting.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
Northern Trust today announced the appointments of Steven Reydel as Head of North America Fund Accounting and Michael McMaster as Head of North America Fund Administration. Leveraging their expertise in fund accounting and fund administration, Reydel and McMaster will play a pivotal role in supporting ongoing growth in the Global Fund Services (GFS) business.
With 20 years of fund accounting experience at State Street and Brown Brothers Harriman (BBH), Reydel will be central in establishing and growing the Northern Trust GFS business in the Boston area, ensuring ongoing expertise related to the needs of asset managers. Most recently, he was head of BBH’s Global Fund Accounting operations team and the Fund Accounting Product Executive.
Bringing more than 25 years of experience in financial reporting and taxation, McMaster is returning to Northern Trust GFS where he started his career. He most recently served as Chief Tax Officer-Head of Global Fund Services Tax at Invesco, overseeing teams across North America, EMEA and APAC.
Jennifer Buonopane, Chief Operating Officer of GFS North America at Northern Trust said, “We are excited that Steve and Mike are joining our team. In keeping with GFS’ commitment to providing our clients with a best in class operational and service experience, Steve and Mike’s combined leadership and industry expertise will help ensure that our operating model continues to be efficient, resilient and adaptable to the evolving needs of our clients and their investors.”
Northern Trust's Global Fund Services business provides services including fund administration, global custody, investment operations outsourcing and capital market revenue enhancement solutions to global investment managers – supporting a range of complex investment strategies across the full spectrum of asset classes.
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 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2022, Northern Trust had assets under custody/administration of US$12.8 trillion, and assets under management of US$1.2 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.
