STAMFORD, Conn. - Northern Trust Global Advisors Inc. on Monday named Margaret M. Towle chief investment officer.

Ms. Towle, 51, succeeds Michael J. Gallimore, who has been chief executive officer and chief investment officer since his promotion in August 2000. Mr. Gallimore will remain CEO at the Northern Trust Corp. unit.

Ms. Towle was founder and chief investment officer of Puget Sound Asset Management Co., a Seattle firm that specializes in hedge funds and other nontraditional products. Mr. Gallimore said her background with such products made her a good fit with Northern Trust Global Advisors.

Ms. Towle said she expects to develop alternative investment products but that Northern Trust Global Advisors' general approach to investing will not change.

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