Northern Trust Corp. has hired Stephen Andress to be the global head of derivatives operations, managing and overseeing the strategic development of its back-office derivatives processing technology infrastructure, team, and capabilities, the Chicago banking company announced on Monday.
This new role was created in response to the increasing use of derivatives by Northern Trust's investor and fund manager clients, it said. Developing automated solutions for over-the-counter derivatives is a high strategic priority for Northern Trust, the company said.
Mr. Andress joined from Commerzbank, where he was the global head of OTC derivatives operations and collateral management since 2001, in London and Frankfurt. His more than 18 years of operations experience includes a pre-Commerzbank stint at State Street Bank and Trust Co. beginning in 1988.
