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38


THE BIG INTERVIEW


Northern Trust - aligning new technology with trusted methods


Dan Houlihan is executive vice president and head of the global fund’s services business for Northern Trust. Bill Boyle spoke to him about a venerable bank’s innovation strategy


Bill Boyle Senior Editor


D


an Houlihan is in charge of everything Northern Trust does for asset managers in the Americas. This means custody, fund accounting administration, transfer agency


and middle office outsourcing and what they do for all asset manager types. That encompasses traditional fund managers, institutional, private equity and hedge fund managers, and the insurance segment which is within his world as well.


Northern Trust currently employs 17,800 people globally, with 6,700 employees in the Chicago area of the US. Founded in 1889, Northern Trust has offices in 19 states plus Washington, D.C., and 22 other international locations. As of June 30th, 2017, the wealth management firm had assets under management of $1.03 trillion.


“Asset management is the fastest-growing segment in Northern Trust at the moment. And given the period we are going through with the growth of disruptors in the market and the huge surge in the fintech movement, we are in the middle of an interesting and fast-paced period of change at the moment. We are spending a lot of time attempting to leverage these new technologies and abilities as best we can, for the benefit of us as a bank but obviously for the benefit of our clients.”


Innovation is not just the current buzzword of any bank I interview on any given week, but it is the one thing all banks now want to reveal. After years of hiding their back-office functions, the banks





One of our significant challenges is to harness the talent of the new generation of our employees


www.ibsintelligence.com | © IBS Intelligence 2017


Dan Houlihan: We have a complex and intertwined infrastructure


want to tell us about the technology journeys they are currently taking, which is most refreshing.


Houlihan says: “We are a 127 year-old bank, a conservative organisation which is financially sound and very technologically sound but has grown up over many of the last few years with a very complex and intertwined technology infrastructure. One of our significant challenges is how do we harness the opportunities of this next generation - this fintech revolution if we call it that - both from a capability standpoint and a talent perspective to be able to transform the bank to move better, faster, stronger and be more agile in order to serve its clients.”


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