Northern Trust Global Investments Ltd., the London asset management unit of Northern Trust Corp., announced that Barry Sagraves, its chief executive officer, is leaving the company.
William T. Huffman, 37, will succeed Mr. Sagraves 44, the Chicago parent company announced last week.
John O'Connell, a spokesman for Northern Trust, said that given Mr. Sagraves' success in building Northern's asset management business, "Barry felt that now is the right time for him to take some time out and plan the next phase of his career."
During Mr. Sagraves' four-year tenure, Northern Trust Global Investments tripled assets under management, to $53 billion as of Sept. 30.
Mr. Huffman is the chairman, president, and chief executive officer of Northern Trust Global Advisors Inc., Northern Trust Global Investments' manager of managers business. He has been based at Northern Trust Global Advisors office in Stamford, Conn., since becoming the unit's CEO in 2002. He will retain his current responsibilities and move to London.
