Northern Trust Asset Management Strengthens Investment Stewardship Capabilities

NTAM Appoints Head of Global Stewardship; Unveils Proxy Voting Choice

Northern Trust Asset Management (NTAM), a leading global investment management firm with $1.2 trillion in assets under management as of June 30, 2024, announced actions to further strengthen its investment stewardship capabilities: appointing Paul Clark as Global Head of Stewardship, and unveiling the phased rollout of proxy voting choice.

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Paul Clark, Global Head of Stewardship, Northern Trust Asset Management (Photo: Business Wire)

“We believe effective investment stewardship helps protect and enhance the assets our clients have entrusted us to manage. The actions announced today support NTAM’s strong existing investment stewardship capabilities, as well as lay the foundation for growing and adding depth of expertise to our global stewardship team,” NTAM President Daniel Gamba said. “With a renewed strategic focus on strengthening investment stewardship capabilities, NTAM is well-positioned to serve the long-term financial interests of our clients.”

Northern Trust Asset Management Head of Global Stewardship

Clark joins NTAM as an investment management expert with over 35 years of industry experience. Based in London, Clark will lead NTAM’s investment stewardship strategy, engaging with investee companies to produce long-term value, improved financial performance and better investment outcomes. Clark will serve as Chair of the Northern Trust Proxy Voting Committee and will lead a growing global team of stewardship professionals. Clark reports to NTAM Head of Investment Platform Services Sheri Hawkins, CFA.

“Paul’s expertise will be a tremendous asset to NTAM as we continue to grow our global stewardship team,” Hawkins said. “NTAM’s investment stewardship team is committed to serving the long-term financial interests of our clients. I am confident that Paul’s leadership and deep industry experience will help us achieve and exceed our clients’ investment goals.”

Prior to joining NTAM, Clark spent 30 years with UBS Asset Management, where he had been Head of Stewardship since 2015. He held a variety of roles in stewardship, tax and dividends throughout his time with UBS. Earlier in his career, Clark worked in global custody operations for Northern Trust and JP Morgan Chase.

Unveiling Proxy Voting Choice Rollout

NTAM is rolling out a proxy voting choice solution for investors in select U.S. common and collective funds. NTAM clients eligible for the new proxy voting choice solution represent $250 billion in assets under management, as of June 30, 2024. These newly eligible funds join NTAM clients invested in equities through separately managed accounts, representing $342 billion in assets under management, as of June 30, 2024, that already have optionality in their proxy voting approach. NTAM now offers approximately 76% of client equity assets the ability to exercise proxy voting preferences.

Eligible investors will be able to choose from four voting guideline options, including the option to leverage proxy voting guidelines developed by Northern Trust’s Proxy Voting Committee, giving investors in certain institutional pooled investments the ability to exercise more direct control over their votes. The proxy voting choice solution will calculate the pro-rata ownership institutional investors have in a specific security, so the investor’s voting preference can be exercised according to their selected guidelines.

“We are proud to provide investors with the ability to align their votes with their investment goals and values,” Hawkins said. “NTAM’s investment stewardship practices are designed to ensure that the companies NTAM invests in on behalf of its clients are well-positioned to navigate shifting economic conditions, display strong governance practices and manage material risks to their business models.”

NTAM’s new proxy voting choice capability will be extended to additional investors in the coming months. More information on Northern Trust’s Proxy Voting Policy is available here.

About Northern Trust Asset Management

Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments in efforts to realize their long-term objectives. Entrusted with $1.2 trillion in assets under management as of June 30, 2024, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take — in all market environments and any investment strategy. That’s why we combine robust capital markets research, expert portfolio construction and comprehensive risk management in an effort to craft innovative and efficient solutions that seek to deliver targeted investment outcomes. As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect and transparency.

Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, Northern Trust Asset Management Australia Pty Ltd, and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2024, Northern Trust had assets under custody/administration of US$16.6 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

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