Northern Trust picks new global head of securities lending

Dane Fannin was named senior vice president and global head of securities lending at Northern Trust, effective Jan. 1, a Northern Trust spokesman said.

Mr. Fannin will replace Andrew Clayton, who will take a broader role as executive vice president and head of capital markets, Europe, Middle East and Asia, which includes securities lending, foreign exchange, transition management and institutional brokerage, the spokesman said.

Mr. Fannin will report to Michael Vardas, executive vice president and global head of capital markets.

Mr. Fannin was head of capital markets, Asia-Pacific. Mark Snowdon, senior vice president and head of client management, capital markets, Asia-Pacific, will take on Mr. Fannin's duties in an expanded role, the spokesman said.

Northern Trust had $10.8 trillion in assets under custody and administration as of Sept. 30.