GLOBAL - Northern Trust said it had appointed Stephen Andress to the newly-created role of global head of derivatives operations on the back of increasing derivatives demand from investor and fund manager clients.
Andress will be responsible for the management and strategic development of its back office derivatives processing technology infrastructure, team and capabilities.
He will also be required to focus on providing accurate and scaleable automated solutions to meet client requirements and complement Northern Trust’s broader asset management – including liability driven investment – global custody, fund administration and investment operations outsourcing activities.
Joyce St Clair, executive VP in Northern Trust’s worldwide operations and technology group said derivatives had not traditionally been favoured by large institutional investors.
"But things are changing and this trend is set to continue, said St Clair. “Over the last three years, the volume of derivatives that Northern Trust processed increased by 30% each year, and we processed as many OTC derivatives in the first quarter of 2006 as we did during the whole of 2005."
Andress joined from Commerzbank where he was global head of OTC derivatives operations and Collateral Management from 2001 in London and Frankfurt. Prior to that, he worked at State Street Bank & Trust Company from 1988.
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