Money Management

Northern Trust adds director of strategy for asset servicing, Americas

Marc Mallett was named senior vice president and director of strategy for asset servicing, Americas, at Northern Trust, a spokesman said.

The position is new. Mr. Mallett will lead the development of technology for asset owners' and money managers' front-, middle- and back-office services. He returns to Northern Trust after having been senior vice president, head of investment operations outsourcing product and strategy, Americas, before leaving the firm in 2014.

He will report to Daniel Houlihan, head of asset servicing, Americas.

Mr. Mallett most recently was vice president, sales and product management, North America, at financial services software provider SimCorp. His responsibilities were assumed by senior members of SimCorp's North American team, a SimCorp spokeswoman said.

Northern Trust had $10.7 trillion in assets under custody and administration as of June 30.