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Northern Trust boosts outsourced CIO services

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Northern Trust Asset Management has made a number of senior hires in support of its growing outsourced chief investment officer (OCIO) services.

Patrick Groenendijk, a client investment officer in multi-manager solutions, comes to Northern Trust from Pensioenfonds Vervoer in the Netherlands, where he was responsible for managing the transport industry pension fund with USD19 billion in assets.
 
James Hayes, formerly of Allstate Investments, and Tracey Nykiel, formerly with consultant RV Kuhns & Associates, also recently joined as client investment officers.
 
Nazneen Kanga, formerly with Morgan Creek Capital Management, has joined as a solutions strategist focusing on foundations, endowments and global family offices.
 
Kurt Zemaier, who was most recently with investment consultant Hewitt EnnisKnupp, has joined as a pension risk strategist.
 
"As demand for investment outsourcing continues to grow, we are pleased to add executives who will support our expanded client base while adding new dimensions of experience and talent to our team," says Joseph W. McInerney, head of multi-manager solutions at Northern Trust Asset Management. "Patrick Groenendijk has extensive global investment knowledge and regularly speaks at global conferences on topics relating to the effective outsourcing of asset management and innovative investment strategies to manage pension funds. Jim Hayes, Nazneen Kanga, Tracey Nykiel and Kurt Zemaier bring deep investment expertise and practical perspectives that will help our clients navigate a complex economic, investment and regulatory environment."
 
Northern Trust has experienced rapid growth in investment outsourcing services, adding USD14 billion in new assets in the 12 months ending 30 June. New clients, including corporate defined benefit pensions, a multi-employer pension plan, family offices and not-for-profit institutions in the US, Canada and Europe, bring multi-manager solutions to more than USD99 billion in assets, including approximately USD58 billion in assets under management and USD42 billion under advisement.

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