Northern Trust Strengthens Wealth Management Team in Minneapolis

Rhea-AI Summary

Northern Trust has appointed Patrick G. Mahoney as Senior Managing Director and President for Minnesota. Mahoney, a wealth management veteran with over 25 years of experience, previously served as Market Managing Director at Cresset Capital and led J.P. Morgan’s Private Bank in Minnesota for a decade. His leadership aims to enhance Northern Trust's wealth management services and client delivery. As of December 31, 2022, Northern Trust managed $351.4 billion in assets, underscoring its strong market position.

Positive

• Appointment of an experienced leader, Patrick G. Mahoney, to enhance wealth management services.
• Mahoney's prior roles indicate a strong background in wealth management which could bolster growth.

Negative

• None.

MINNEAPOLIS--(BUSINESS WIRE)-- Northern Trust has appointed Patrick G. Mahoney Senior Managing Director and President of Minnesota. Mahoney will lead the multi-disciplinary, Minneapolis-based team in the delivery of holistic advice and outstanding client service, while seeking to accelerate the growth of the firm’s wealth management business.

Patrick Mahoney, Northern Trust (Photo: Business Wire)

A veteran wealth management market leader with more than 25 years of finance experience, Mahoney served for the past four years as Market Managing Director at Cresset Capital in Minneapolis. Previously, he spent a decade as Managing Director and Market Leader of J.P. Morgan’s Private Bank in Minnesota. He began his career in finance at RBC Capital Markets (formerly Dain Rauscher Wessels and Wessels, Arnold & Henderson).

“Patrick has a deep background across the financial services industry, with an emphasis on serving ultra high-net worth families and individuals,” said Allegra E. Biery, Executive Vice President, Northern Trust Wealth Management. “We look forward to his leadership as we accelerate our growth and continue to offer outstanding client service.”

Mahoney earned a BA from the University of Minnesota and an MBA from the Tuck School of Business at Dartmouth College. He serves on the Executive Committee of the Board of Directors of the Minnesota Orchestra Association, where he chairs the Investment Committee, and is a board member of the Friends of Ascension School.

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, with $351.4 billion in assets under management as of December 31, 2022. 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 25 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2022, Northern Trust had assets under custody/administration of US$13.6 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. Visit us on northerntrust.com. Follow us on Twitter @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230405005269/en/

Karen Mellen

773-860-8110

KEM6@ntrs.com

Source: Northern Trust Corporation

FAQ

What are Patrick G. Mahoney's qualifications for Northern Trust?

Patrick G. Mahoney has over 25 years of experience in finance, including leadership roles at Cresset Capital and J.P. Morgan's Private Bank.

How much does Northern Trust manage in assets?

As of December 31, 2022, Northern Trust managed $351.4 billion in assets.

What is the aim of Patrick Mahoney's appointment at Northern Trust?

Mahoney's appointment aims to enhance wealth management services and accelerate growth in Minnesota.

Where is Northern Trust located?

Northern Trust has a global presence, with offices in 25 U.S. states and locations in Canada, Europe, the Middle East, and Asia-Pacific.

What services does Northern Trust Wealth Management offer?

Northern Trust Wealth Management provides holistic wealth management services for affluent individuals, families, foundations, and privately held businesses.