Northern Trust on Tuesday promoted Michael O'Grady to president.

O'Grady currently serves as head of corporate and institutional services at the Chicago-based custody bank, overseeing businesses such as asset servicing and investment management. His promotion will take effect Jan. 1.

O'Grady — who also was elected to the board of directors — joined Northern Trust in 2011 as chief financial officer. He previously worked for nearly two decades at Merrill Lynch, which became part of Bank of America in 2009.

In his new role, O'Grady will report directly to Chairman and Chief Executive Frederick Waddell, who currently holds the title of president. O'Grady will continue to directly oversee the corporate and institutional service group until a replacement is found.

As of Sept. 30, Northern Trust had assets under custody of $6.7 trillion and assets under management of $946 billion.

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