Northern Trust Asset Management (NTAM) has strengthened its investment stewardship capabilities by welcoming a new global head of stewardship.
The global investment management firm, which has $1.2 trillion in assets under management (AUM) as of 30 June 2024, has appointed Paul Clark as global head of stewardship.
Clark joins from 30 years at UBS Asset Management, including the past nine years as head of stewardship. He previously worked in global custody operations for Northern Trust and JP Morgan Chase.
In the London-based position, Clark will oversee NTAM’s investment stewardship strategy and engage with investee companies to produce long-term value, improved financial performance and better investment outcomes.
He will also serve as chair of the Northern Trust Proxy Voting Committee and will lead a growing global team of stewardship professionals, while reporting to Sheri Hawkins, NTAM head of investment platform services.
Commenting on the appointment, Hawkins said: “Paul’s expertise will be a tremendous asset to NTAM as we continue to grow our global stewardship team. 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.”
The company also unveiled that it will be rolling out a proxy voting choice solution for investors in select US common and collective funds. The eligible clients for the new proxy voting choice solution represent $250 billion in AUM, according to NTAM.
These 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.
“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,” Hawkins added.
According to NTAM president Daniel Gamba, the two announcements support the firm’s existing investment stewardship capabilities and allow for future growth.
“With a renewed strategic focus on strengthening investment stewardship capabilities, NTAM is well positioned to serve the long-term financial interests of our clients,” he said.
The investment manager recently appointed David Abner as its new head of global exchange-traded funds (ETFs) and funds. In the role, he will be tasked with overseeing the firm’s mutual fund and ETF product strategy, alongside capital markets. He will also have oversight of NTAM’s fund services and treasury functions.
