Northern Trust Bolsters $60B OCIO Unit

Jessica Hart, a multi-manager investing expert, has been tapped to lead Northern Trust’s outsourced retirement assets.

Northern Trust Asset Management has added three new hires to its outsourced-CIO (OCIO) business, strengthening its family office, retirement, and endowments and foundations services.

Jessica Hart, who led global fund construction for Northern Trust’s multi-manager investments unit, has been named as retirement practice lead. She will succeed John McCareins, who was recently appointed asset management lead in the Asia-Pacific region.

In her new role, Hart will lead a team that manages $60 billion in global multi-asset programs for both defined benefit and defined contribution plans, the firm announced.

The firm also named Lincoln Ellis, a 20-year veteran in family office investing, as senior CIO for the global family office practice. Dan Kutliroff, most recently director of OCIO sales in the Midwest for Mercer Investments, was also hired as senior sales specialist in the OCIO’s retirement practice.

“Lincoln Ellis and Dan Kutliroff bring expertise in developing investment solutions for family offices and corporate plan sponsors, while Jessica Hart’s close collaboration with the retirement team on portfolio design, manager research, and client service will ensure a seamless transition for clients,” Joseph McInerney, head of Northern Trust’s multi-manager solutions, said.

According to CIO’s 2016 OCIO Buyer’s Guide, Northern Trust’s OCIO arm had $56.1 billion in full discretionary assets and 77 clients as of January 28, 2016. The unit is run by 53 portfolio managers and 79 relationship managers.

The firm also revealed it won 11 new outsourcing clients in 2015, and three in the first quarter of 2016. 

Hart joined Northern Trust in 2000, and worked in a variety of senior positions in the multi-manager solutions group, most recently heading up manager research and fund management and leading at team of 15. She also serves as co-manager of nine multi-manager mutual funds.

She previously built up her expertise in the financial and commodities risk consulting group at Arthur Andersen (now Accenture) and has an MBA from New York University’s Stern School of Business.

Ellis most recently founded a consulting and asset management group Astor Janssen Holdings, and also spent eight years at Morgan Stanley. Kutliroff has more than 20 years of experience as an advisor to corporate retirement plans. 

Last June, Northern Trust also nabbed Bei Saville, former head of alternatives at the $5.7 billion Helmsley Charitable Trust, to manage endowments and foundations clients.

Related: 2016 OCIO Buyer’s Guide: Northern Trust & Helmsley Trust’s Alts Chief Quits for OCIO Giant

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