UK - Barry Sagraves leaves as head of Northern Trust Global Investments (NTGI) at the end of this week, it was announced today.
William T Huffman, currently CEO at Northern Trust Global Advisors (NTGA), will take over Sagraves' position in addition to his own, a spokeswoman at Northern trust confirmed to IPE. She added that Sagraves is taking some time off to decide what to do next.
For his new role, which combines the position of the head of Northern Trust's asset management arm with its manager of manager business, Huffman will re-locate to London from Stamford, Connecticut, where NTGA's head offices are.
The spokeswoman said that it was likely that someone on the US team "will be empowered to be the local person within NTGA to run the day-to-day business". But she added that the structures are already in place, which ensure that Huffman can take over Sagraves' position.
Under Sagraves NTGI's business outside North America saw its assets managed in London triple to approximately £27bn (€41bn) as of 30 September 2006.