Chicago-based Northern Trust has appointed John McCareins as managing director, to lead its asset management business across Asia Pacific.
McCareins will oversee global equity portfolio management and global equity dealings from Hong Kong, as well as investment strategy, relationship management and the sales teams based in Hong Kong, Japan, Singapore and Australia.
He reports to Wayne Bowers, head of Northern Trust Asset Management and APAC, and locally to William Mak, head of Northern Trust in APAC.
With more than 18 years of investment experience, McCareins was more recently the head of the Retirement Practice Outsourced Chief Investment Officer (OCIO) business within Northern Trust’s Multi-Manager Solutions Group. Here, he led a team that oversees multi-asset investment programmes with more than $60 billion in assets. McCareins also has been a senior investment officer and client service leader in OCIO for over 10 years.
Prior to his career in Northern Trust, he developed a mutual fund and sub-advisory products at T. Rowe Price. He replaces Bo Kratz, who left the firm last year to join Conning in Hong Kong as chief executive, Asia Pacific.
“I am delighted to lead Northern Trust’s asset management business in APAC,” said McCareins. “APAC is our fastest growing region and I look forward to working with our local team to continue to deliver investment solutions that meet the needs of current and prospective clients across the region.”
Northern Trust has nine offices across Asia Pacific, in Australia, China, Hong Kong, India, Japan, Malaysia, the Philippines, Singapore and South Korea. It will open a new office in Pune, India, in July.
The company had assets under custody of $6.1 trillion and assets under management of $875 billion, as of December 31. Its asset management arm serves institutional and individual investors in 29 countries.