Chicago-based banking giant Northern Trust has promoted one of its veteran executives to the role of country manager for Hong Kong.
Northern Trust announced in a statement released Sunday that in his new role, Brian Ovaert will be responsible for overseeing an expanded Hong Kong office and sales and relationship teams delivering services including global custody and fund administration solutions for clients in the region.
A 21-year Northern Trust employee, Ovaert was most recently the chief executive officer of the firm’s back-and middle-office investment services provider, Northern Operating Services.
Teresa Parker, the CEO of Northern Trust’s Asia-Pacific region, explained that Ovaert was chosen for the new role due to his “strong background in client relations and deep experience in operations, technology and risk management.”
The Hong Kong office is one of the firm’s first locations out of the U.S. that offers a broad scope of asset management and asset servicing solutions. Northern Trust's hedge fund administration unit currently oversees about $157 billion in AuA (ranked 6th in the eVestment Q4 2012 Hedge Fund Administrator Survey).