Northern Trust Wealth Management has brought on two senior professionals for its Family Office Solutions team in New York, marking the latest step in an 18-month effort to serve ultra-wealthy families who prefer outsourced family office services.
Robert Ludricks III, a veteran with more than 35 years in wealth advisory, joins as managing director for the Northeast. He previously served as a managing director and senior relationship manager at Brown Brothers Harriman, and before that spent nearly two decades in senior roles at Bessemer Trust. Olof Akesson, who has over 20 years of experience in private markets and investment banking, becomes investment director. He most recently was a managing director at KABR Group, and earlier held business development positions at Benefit Street Partners, J.P. Morgan, and HSBC.
The appointments reflect the growing complexity of wealthy families' financial lives, according to Katie Nixon, president of Northern Trust's Northeast region and former CIO of the private wealth business. "Families with significant wealth increasingly face decisions that cut across their businesses, investments and long-term plans," Nixon said. "Bob and Olof bring complementary experience and strengthen the advice and services we offer entrepreneurs, business owners and multigenerational families in New York and across the region."
Northern Trust launched its Family Office Solutions unit in April 2023, aiming to provide investment, tax, and administrative services without requiring families to establish their own offices. The unit is led by Pam Lucina and operates within the firm's Global Family and Private Investment Offices practice.
The New York hires follow a series of senior appointments this year. In May, Candice Nakagawa, formerly of Wilmington Trust, was named managing director for Family Office Solutions in the West, based in Los Angeles. In April, Beata Kirr was appointed chief investment officer of the Global Family Office division, which serves more than 550 families with an average net worth exceeding $1 billion. Kirr came from The Copia Group after 17 years at Bernstein Private Wealth Management.
Dino De Vita, president of the Global Family Office division, noted that family offices are "navigating increasingly complex portfolios, private markets exposure and multigenerational planning challenges." The division is the fastest-growing segment of Northern Trust's wealth business.
Earlier in the spring, the firm also hired Alyssa Quinlan, former CEO of Freeman's Auctions & Appraisals, as head of advisor relationships and strategic partnerships. Her role focuses on deepening ties with outside professionals as clients incorporate art and collectibles into estate and tax planning.
These moves come amid a broader trend of wealth management firms expanding their family office offerings. For example, Americana Partners launched a family office group with $12.1 billion in assets, and Corient acquired Cayman-based FortCay, adding $2.6 billion in family-office assets. The competition for experienced talent is intense, as firms seek to capture the growing demand from wealthy families for comprehensive services.
Northern Trust's continued investment in its family office platform underscores the strategic importance of this client segment. With the addition of Ludricks and Akesson, the firm aims to strengthen its presence in the competitive New York market and provide more integrated advice to its ultra-wealthy clients.
