Shundrawn A. Thomas, currently executive vice president and head of funds and managed accounts group at Northern Trust Asset Management, will succeed Stephen N. Potter as president on Oct. 1, spokesman Doug Holt said in an email.
Mr. Potter will become vice chairman of parent company Northern Trust Corp., where he will be responsible for overseeing strategic initiatives and developing select clients and prospects.
A successor to Mr. Thomas will be named at a later date, Mr. Holt said in the email.
"Shundrawn's experience in developing long-term strategies, creating differentiated products, and developing and retaining talented professionals will help us continue to attract some of the largest, most sophisticated individual and institutional investors in the world," said Frederick H. Waddell, chairman and CEO of Northern Trust Corp., in a news release announcing the leadership change.
Northern Trust Corp. had more than $1 trillion in assets under management as of March 31.