Justin Chapman was appointed global head of Northern Trust's new digital assets and financial markets group, effective immediately.
Mr. Chapman will report to Peter B. Cherecwich, president of asset servicing, spokeswoman Jamie Kemp said in an email. The new group will "provide access to market-leading expertise, industry insights and continued innovations across all markets and all asset classes," Mr. Chapman said in a news release Thursday.
"Traditional and digital markets already co-exist and the boundaries between the two will only continue to blur over time," Mr. Chapman said in the news release. "At the same time as more institutional investors are entering the digital arena."
Northern Trust's institutional clients are "increasingly interested in the development of digital markets and investing in digital assets alongside allocations to more traditional asset classes," Ms. Kemp wrote in an email.
Mr. Chapman most recently served as global head of market advocacy innovation and research at Northern Trust. At this time, no one is slated to replace Mr. Chapman, Ms. Kemp said.
"Rather than create separate business lines, by aligning our focus on digital and traditional markets together, we can continue to develop services and capabilities that truly reflect and enable our clients' evolving investment strategies," Mr. Cherecwich said in the release.
Northern Trust had $1.5 trillion assets under management and $15.5 trillion in assets under custody/administration as of March 31.