Northern Trust Corp. announced Tuesday that Steven L. Fradkin, an executive vice president and chief financial officer since 2004, has been named president of the Chicago company's corporate and institutional services unit.
William L. Morrison, an executive vice president and co-president of the Northern Trust Personal Financial Services unit since 2003, will assume Fradkin's role as CFO. Sherry Barrat, the president of Northern Trust Personal Financial Services, will assume Morrison's current responsibilities.
Timothy J. Theriault is stepping down as the president of the corporate and institutional services unit to pursue interests outside of the financial services sector.
Northern Trust, which in June paid back the money it received from the Treasury Department's Capital Purchase Program, has reduced costs in recent quarters to continue to deliver strong earnings, but its credit-loss provisions and nonperforming loans rose in the second quarter.
The corporate and institutional services unit is a provider of asset servicing, asset management and related services to corporate and public retirement funds, foundations, endowments, fund managers, insurance companies and government funds. In 2008, it reported $2.6 billion of revenue.
Northern Trust had $3.2 trillion of assets under custody, including $558.9 billion of assets under management at June 30.