Barrat has been with Northern Trust for 22 years. Prior to moving into the Vice Chairman role in 2011, she led Northern Trust's Personal Financial Services business globally. PFS provides asset management, fiduciary, estate and financial planning, private banking and family office services to successful individuals and families. Barrat began her Northern Trust career in Miami, Florida.
Prior to heading the PFS business, she led the Palm Beach Region and later served as CEO of PFS' Western Region based in California.
'I cherish my 22 years at Northern Trust, and I am very pleased to see the company performing at a high level, growing in assets and geography while keeping true to its roots of service, expertise and integrity', Barrat said. 'I'm very confident that Northern Trust's leadership team will continue to deliver sustained growth into the future'.
'Sherry's vision, energy and leadership, along with her passion for our clients, have been instrumental in keeping Northern Trust the premier wealth management firm in the U.S.', Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell said. 'She has deep expertise in client relationship development and has served as a mentor and role model to many. Sherry has made a great impact on Northern Trust, and she will be missed'.
Additionally, Northern Trust announced the following leadership changes:
Northern Trust Head of Human Resources Tim Moen will assume the role of Chief Administrative Officer, effective May 2. He will continue to oversee Human Resources and the Corporate Services Group and continue serving on the Management Group, reporting to Waddell. In his new role, Moen will focus employee engagement, talent management and other areas.
Biff Bowman, Executive Vice President and Head of the Americas for Corporate & Institutional Services (C&IS), will succeed Moen as Head of Human Resources and join the Management Group. Bowman has been with Northern Trust for nearly 27 years serving in a number of senior leadership roles including Managing Director of Northern Trust’s Guernsey operation and Chief Executive Officer of EMEA.
David Fox Jr. will replace Bowman as the new head of the Americas for C&IS, effective May 2. Fox joins Northern Trust from JPMorgan Chase, where he served most recently as Vice Chairman of Investment Banking. He has been with JPMorgan Chase and its predecessor companies for more than 30 years serving in a variety of roles including leading the firm's Global Automotive and Transportation business and General Industries Investment Banking. Fox is the son of retired Northern Trust Chairman David Fox.
'I am pleased to announce these leadership changes, which will support Northern Trust’s continued growth', Waddell said. 'It's a particular pleasure to welcome Dave to Northern Trust. He is keenly aware of our culture, sharp business focus and clientele, and I'm confident that he will be a terrific addition to our already outstanding leadership team'.