Northern Trust Corp. of Chicago has promoted Paul Cutts to run its Melbourne office as managing director, a newly created position.
Mr. Cutts has worked for Northern Trust since 1993. He has spent the past two years working from its Amsterdam office as a managing director of the compay's business operation in the Netherlands.
His mission is to expand Northern Trust's asset management and asset servicing businesses in Australia and New Zealand. He has moved to Australia to run its business there.
Northern Trust opened the Melbourne office in July when it was appointed global custodian to Australia's $42 billion Future Fund, which is one of the continent's largest government pension funds.
Northern Trust, which announced Mr. Cutts' promotion Tuesday, had $4.1 trillion of assets under custody and $757.2 billion under management as of Dec. 31.
