In a move to expand its private equity activities, Northern Trust has created a new alternative assets unit according to a spokesperson for the group. Current head of private equity Robert Morgan will oversee the new Northern Trust Alternatives Group, which includes private equity funds of funds. His appointment is effective immediately and he will be based in Chicago.
Morgan has had 20 years experience in finance, having invested in more than 100 private equity funds across the buyout, venture capital, real estate and international markets. In his new role, he will oversee $3.5 billion in assets including funds of funds, according to a press release.
Northern Trust has experienced growing demand for its alternative asset services in recent years, according to the group, and is now looking to expand its private equity arm. The group consolidates the portfolio management, product, sales and service teams to develop and manage the group’s private equity and hedge fund holdings.
Northern Trust could not be reached for further comment on its private equity holdings before this article went to press.