Businessweek

Northern Trust appoints Brian Ovaert as Country Manager for Hong Kong. In this role, Ovaert will oversee an expanded Hong Kong office and Northern Trust sales and relationship teams delivering a range of services including global custody, fund administration, investment operations outsourcing and asset management solutions for institutional clients in the region. Ovaert comes to the Hong Kong office from Bangalore, India, where he was Chief Executive Officer of Northern Operating Services, Pvt. Ltd.

Northern Trust announced that Brian Ovaert, a veteran Northern Trust executive, has been appointed Country Manager for Hong Kong. In this role, Ovaert will oversee an expanded Hong Kong office and Northern Trust sales and relationship teams delivering a range of services including global custody, fund administration, investment operations outsourcing and asset management solutions for institutional clients in the region. A 21-year Northern Trust employee, Ovaert comes to the Hong Kong office from Bangalore, India, where he was Chief Executive Officer of Northern Operating Services, Pvt. Ltd. In addition to his role as CEO of Northern Operating Services, Ovaert has been Asia-Pacific Regional Head of Operations & Technology (O&T) for Northern Trust since 2012. He will retain the O&T role, overseeing teams in Singapore, Hong Kong and Melbourne as well as Bangalore. Prior to his posts in India, Ovaert held executive roles in London and Chicago, including Senior Business Unit Risk Officer for O&T, European regional head of O&T and worldwide head of fund administration, since joining Northern Trust in 1992.

Northern Trust has established an office in Frankfurt, Germany, as part of a continuing commitment to servicing clients as close to their home market as possible. Northern Trust Management Services (Deutschland) GmbH has been established to provide investment operations outsourcing services to Allianz Global Investors, and with whom Northern Trust has a strong existing relationship across North America, Europe and Asia Pacific. Through the expansion of its investment operations outsourcing capabilities in Germany, Northern Trust now provides services for a total of EUR 110 billion (approximately USD 134 billion) in assets in Germany. From its Frankfurt office, Northern Trust will also begin servicing assets for Allianz Global Investors' other pan-European locations.

TwentyFour Asset Management LLP, selected Northern Trust Corporation to provide custody, fund accounting, financial reporting, compliance and company secretarial services to a new asset-backed securities fund, domiciled in Guernsey. An asset backed security is one that derives its value and income payments from and collateralized by a specified pool of underlying assets, typically unable to be sold individually. By pooling assets into financial instruments, the risk of investing in the underlying assets is diversified.

Jeremy Hester has been named head of sales for Northern Trust Corporation's Global Fund Services business in the United Kingdom, responsible for offering investment operations outsourcing, fund administration and the full range of asset servicing solutions, to investment managers domiciled in the UK. Hester joined Northern Trust in 1994 and was most recently head of sales for Northern Trust in Australia and New Zealand, where he was instrumental in growing the bank's client base in the region. His previous role in Northern Trust's Melbourne office has been assumed by Angelo Calvitto who is also responsible for client relationship management in that region. During Hester's tenure as head of sales in Australia and New Zealand, Northern Trust extended its fund servicing business in the strategic segments of investment operations outsourcing and superannuation funds. Calvitto, who joined Northern Trust in Melbourne in 2008, has assumed responsibility for sales in Australia and New Zealand as an extension of his existing responsibilities as head of client relationship management. Calvitto reports to Rohan Singh, Country Head Australia at Northern Trust.