Paul Cutts was named managing director of Northern Trusts office in Melbourne, Australia, confirmed spokeswoman Alexis Geocaris. It is a new position. Northern Trust opened an office in Melbourne in July 2007 when it was appointed global custodian to Australias A$59.6 billion (US$55.4 billion) Future Fund. Australias managed fund market is the fourth-largest in the world, and we see great opportunities for further expansion of our business in the region, said Gregg Behrens, head of Northern Trusts businesses in the Asia-Pacific region. In his new, role Paul will ensure we continue to deliver high-quality service to our clients while looking for opportunities to grow our operations across Australia and New Zealand.
Mr. Cutts was managing director of Northern Trust in the Netherlands. Eric Pouwels, Northerns asset servicing business development manager for the Netherlands, will replace Mr. Cutts.