Chicago-based Northern Trust Corp. said Dennis Anosike has joined its corporate and institutional services unit as a leader of the group serving U.S. public pensions. Anosike comes to Northern from the U.S. Department of Commerce. He’s also former chief financial officer of the Chicago Transit Authority. Get the full story »
Northern Trust
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Northern Trust scoops up investment firm serving rich
(Scott Olson/Getty Images)
On a day when one of its chief competitors announced 1,400 job cuts, Chicago-based Northern Trust Corp. said it has acquired Waterline Partners LLC, a Los Angeles investment advisory firm serving rich individuals and families.
Terms of the agreement weren’t disclosed. Northern’s stock was up about one percent in late-morning trading to $50.77 a share; the Dow Jones Industrial Average was up 1.8 percent.
“We are delighted to announce a strategic acquisition that will bolster both our West Coast presence as well as our capabilities for clients,” Northern Trust Chairman and Chief Executive Officer Frederick Waddell said. Get the full story »
Northern Trust marks opening of Beijing branch
Northern Trust celebrated the opening of its first China branch, in Beijing, on Tuesday.
Chicago-based Northern has had a representative office in Beijing since 2005. Such an office can be used to build relationships in the market, but many services have had to be provided from offices in Singapore, Hong Kong or elsewhere. Having a branch enables Northern to provide more client services from Beijing. Get the full story »
Northern Trust to run non-profit’s pension
Chicago-based Northern Trust Corp. has been hired to provide custody services for more than $800 million in pension, endowment and operating funds of John Muir Health of Walnut Creek, Calif.
It’ll also provide benefit payment services for the organization’s pension plan. Get the full story »
Northern Trust golf tournament draws few fans
From Golf Digest | A golf tournament sponsored by Northern Trust last year drew a scant 30,000 spectators all week (estimated) to the Riviera Country Club, possibly due to a $50 gate charge — $20 more than the year before.
Northern Trust shares pop as takeover rumors swirl
Shares of Northern Trust Corp. jumped 4.4 percent on Tuesday as talk swirled that HSBC, Europe’s biggest bank, may be planning to make a bid for the U.S. trust bank and investment manager. Get the full story »
Northern Trust, HSBC chatter persists
From London’s Daily Mail | Europe’s largest bank, HSBC, recently pulled out of its bid to acquire a majority stake in South Africa’s Nedbank, but rumours persist that it is lining up a $65 a share cash offer for Chicago-based Northern Trust.
Analysts have already said that a tie-up between HSBC and Northern Trust would make sense as it would significantly increase the UK bank’s assets and give the combined operation a firm lead in the fledgling prime custody arena. Get the full story >>
Northern Trust reports 17% drop in 3Q
Northern Trust Corp reported a 17 percent decline in third-quarter profit, falling short of Wall Street forecasts, as the financial services group earned less for loaning out securities.
The Chicago-based company said net income was $155.6 million, or 64 cents per share, down from $187.9 million, or 77 cents, a year earlier. Analysts had expected 71 cents a share, according to Thomson Reuters I/B/E/S. Get the full story »
Analyst: Northern Trust easy pickings
The Street | Saying U.S. assets are attractive to Swiss banks, Rochdale analyst Richard Bove says Credit Suisse should buy Northern Trust. He cites the Chicago institution’s cash balance and inability to “withstand a takeover bid.”
8 Illinois companies named best for working moms
Eight Illinois companies were among the 100 companies nationwide deemed best by Working Mother magazine, whose 2010 list opens a window onto a widening array of corporate assistance programs.
Tuition assistance, a concierge service to help with errands, leadership training for women, assistance for employees with special-needs children, paid maternity and paternity leave, and extensive flexible work arrangements were among the benefits at the top 10 firms. Get the full story »
Northern Trust shareholder sues company
A shareholder of Northern Trust Corp. on Tuesday sued the Chicago-based financial services firm, claiming, among other things, that the company’s executives made “improper statements” so they could pump up the stock price and later sell $100 million of their own stock.
Northern Trust, McD, State Farm among diverse
Northern Trust Corp., McDonald’s Corp. and State Farm Insurance Cos. made the list of Black Enterprise magazine’s “40 best companies for diversity.” The three companies also made the list in 2009. Get the full story »
Sep. 2, 2010 at 11:22 a.m.
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Filed under: Bank failures, Banking, Consumer news, Investing ShoreBank successor boosts online savings rates
Urban Partnership Bank, the successor to the recently failed ShoreBank, has already boosted the interest rates on a couple of savings accounts for its online ShoreBank Direct.
The ShoreBank Direct Online Savings Account now pays a 1.25 percent annual percentage rate with a $100,000 minimum balance, up from 1.19 percent. It also pays 1.2 percent for balances of less than $100,000, up from 1.03 percent.
The rate hikes were first reported by www.depositaccounts.com, a tracker of bank account trends. Get the full story »
Notebook: Canning’s son opens grocery store
In 2006, Madison Dearborn Partners LLC Chairman John Canning told the Tribune that he’d love to see his son, then a chef in Boston, return to Chicago to start his own business.
The private equity executive has gotten his wish.
Tim Canning, 34, has opened Lemon Tree Grocer about 100 yards from the Metra stop in Downers Grove. The high-end market has more than 40 full- and part-time workers, including a butcher that can work his way through a whole cattle and explain cuts of beef. It’s the first business that the younger Canning has started. Get the full story »
