Northern Trust Launches Alts. Business

Oct 26 2011 | 8:15am ET

Northern Trust Corp. has created an new alternative investments business and named its private equity chief to lead it.

Robert Morgan will serve as managing director of Northern Trust Alternatives Group, which will combine the firm's hedge fund and private equity portfolio management, product, sales and service teams, centered on its manager of managers business. The new unit has some $3.5 billion in assets under management.

Morgan had previously served as director of private equity at Northern Trust.

"Northern Trust Alternatives Group presents an exciting opportunity to bring our experienced hedge fund and private equity investment groups together in a structure with strong operations support and enhanced client service capabilities," Morgan said. "As client demand continues to grow, we will address their sophisticated and customized needs with multiple sector and fund capabilities that can be packaged to meet their investment objectives."

Earlier this year, Northern Trust bought Omnium, Citadel Investment Group's hedge fund administration business.

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