Northern Trust Wealth Management, the private banking arm of Chicago-based Northern Trust Corp., has recruited two veteran private bankers from rival institutions as it intensifies its focus on wealthy families in the Northeast. Beth Emswiler, formerly head of investments for Metro New York at Citi Private Bank, will be based in New York. Andrew Borner, previously BNY's market president for Connecticut and Long Island, will operate from Greenwich, Connecticut. Both have joined as senior managing directors, the firm announced Monday.
The hires are the latest in a series of Northeast additions under Katie Nixon, who became region president in December after serving as chief investment officer of the private wealth business since 2012. Eric Freedman succeeded Nixon as CIO. Nixon emphasized that clients expect a deep understanding of both the complexities of substantial wealth and the personal goals it supports. She praised Emswiler's investment expertise and Borner's track record of earning family trust, saying they will help bring Northern Trust's full capabilities to more clients.
Emswiler brings more than three decades of experience across private banking, equities, sales and trading, capital markets, and investment advisory. At Citi, she oversaw investment solutions for ultra-high-net-worth clients and family offices. Borner, also a 30-year industry veteran, was responsible for new business development at BNY, working directly with individuals, families, trusts, and foundations to craft and execute investment and wealth plans.
This announcement follows last week's addition of two senior hires to Northern Trust's Family Office Solutions team in New York. The firm has spent roughly 18 months building that unit, which offers ultra-wealthy families family-office services without the overhead of running their own operations. The expansion reflects a broader trend among large custodians and private banks seeking to capture a share of the estimated $124 trillion wealth transfer, as noted in a recent analysis of trustee and charitable planning.
The wealth management buildout coincides with a leadership transition at the parent company. Last week, Northern Trust announced the upcoming retirement of Chief Financial Officer Dave Fox, who will remain in his role through the end of the first quarter of 2027 while the firm conducts an internal and external search for his successor. Fox joined Northern Trust in 2012 after more than 25 years at JPMorgan. Chairman and CEO Michael O'Grady praised Fox as a trusted leader whose judgment and financial stewardship have strengthened the firm.
Northern Trust Wealth Management reported $534 billion in assets under management as of June 30. The parent company oversees $20 trillion in assets under custody and administration and $2 trillion under management. The firm's continued investment in the Northeast comes as wirehouses and large RIAs compete for top talent; recent moves include two wirehouse veterans joining a Denver RIA and Captrust absorbing two Long Island firms.
Industry observers note that private banks are increasingly tailoring services to ultra-high-net-worth clients, who often require complex estate planning, tax strategies, and family governance. Northern Trust's expansion of its family office unit and its Northeast hiring spree signal a deliberate strategy to compete with the likes of JPMorgan Private Bank, UBS, and Morgan Stanley. The firm's ability to attract seasoned bankers like Emswiler and Borner underscores its reputation and the appeal of its platform.
As Northern Trust continues to build out its Northeast presence, the firm is also investing in technology and advisory tools. A recent Vanguard survey found that AI use can boost investor trust in human advisors, a trend that may influence how Northern Trust positions its services. With the wealth transfer accelerating, the firm's focus on ultra-high-net-worth clients appears well-timed.
