With an eye toward future acquisitions, Northern Trust Global Investments has hired Orie L. Dudley Jr. as chief investment officer.
Mr. Dudley, 55, will succeed James M. Snyder on Oct. 15 at the firm, which is the investment unit of Northern Trust Corp. of Chicago. Mr. Snyder will assume the new position of vice chairman.
Stephen B. Timbers, president of Northern Trust Global Investment, said Mr. Dudley's global perspective will help the investment firm increase assets under management, which now total $332 billion.
"We have had many years of consistent asset growth, investment performance, and product expansion. As a result, our brand is increasingly associated with excellence in investment performance," Mr. Timbers said. "Orie will help us continue our positive result by expanding the investment business."
Mr. Dudley, whose hiring was announced Thursday, has been chief executive officer and acting chief investment officer for Scottish Widows Investment Partnership Ltd. in Edinburgh, Scotland, since 1998. He oversaw Scottish Widows' merger with Hill Samuel Asset Management.
Mr. Timbers said Mr. Dudley's experience handling a merger made him an attractive candidate.
Before heading to Scotland, Mr. Dudley worked for Barclays Group, first as president and chief executive officer of Barclays McConnell Ltd. in Toronto and then in Europe as managing director of Barclays Asset Management, where he handled the group's $7 billion European business.
Earlier he worked at Putnam Cos., where he was director of research, chief of institutional marketing, and chief of European development.
Mr. Dudley, a native of Idaho, earned his bachelor's degree at Harvard University. After college he was an investment analyst at New England Merchants National Bank and then worked as a consultant for Loomis, Sayles & Co.
He then served as president and chief investment officer of the endowment and management and research groups for Omega Fund.