Northern Trust Wealth Management has appointed Candice Nakagawa as managing director of Family Office Solutions for the West Region, a move that places a veteran private-wealth executive in Los Angeles to cater to families whose financial affairs increasingly resemble those of a corporation.
Nakagawa, who will report to Pam Lucina, head of Family Office Solutions, is tasked with coordinating the network of advisors, tax specialists, and fiduciary experts that ultra-wealthy families require as their assets span generations, business interests, and multiple jurisdictions. The appointment was announced Monday.
Jason Tyler, president of Northern Trust Wealth Management, framed the hire as a response to the region's wealth-creation boom. He cited "the decades of value creation" in the West, where many entrepreneurs and multigenerational families now seek the institutional coordination once reserved for the largest single-family offices.
Nakagawa joins from Wilmington Trust, where she served as executive vice president and Western Region president. Previously, she led private wealth management markets at U.S. Bank and held several leadership roles at MUFG Union Bank. She holds an MBA from the University of Southern California's Marshall School of Business, a bachelor's degree from the University of California, San Diego, and is a graduate of Pacific Coast Banking School.
"Candice has spent her career advising sophisticated clients and is exceptionally well positioned to help families navigate that evolution while growing our presence in many of the country's most dynamic wealth markets," Tyler said.
Northern Trust Wealth Management reported $534 billion in assets under management as of June 30, while its parent, Northern Trust Corporation, held $18.6 trillion in assets under custody and administration as of March 31. The latest hire extends a string of leadership additions aimed at addressing the growing complexity of the firm's wealthiest clients.
In April, the firm named Beata Kirr as chief investment officer of its Global Family Office division, a unit that serves more than 550 families with an average net worth above $1 billion and ranks as Northern Trust's fastest-growing wealth management segment. Kirr arrived after 17 years at Bernstein Private Wealth Management and an earlier stint at Goldman Sachs.
Weeks earlier, Northern Trust brought on Alyssa Quinlan as head of advisor relationships and strategic partnerships, a role designed to deepen ties with outside professionals as wealthy families incorporate fine art and other passion assets into their estate and tax planning. Quinlan previously served as chief executive of Freeman's Auctions & Appraisals.
The hiring spree reflects a broader industry trend. Cresset, a multifamily office overseeing more than $260 billion in AUA and AUM as of July, has also been in full recruitment mode. Over the summer, the Chicago-based firm announced it had hired Cory Boggs as a managing director and wealth advisor on the West Coast, following the addition of Bessemer Trust alum Mark Tremblay as executive managing director and head of Family Office Services in New York.
For advisors, the moves signal a growing demand for estate planning and trust services, as well as competition for senior talent in the family office space. Northern Trust's latest appointment also comes as technology platforms for family offices gain traction, and as rival firms add senior talent to bolster their own complex-wealth offerings.
