In the interest of expanding its presence in the derivatives space, Chicago-based Northern Trust Corp. has hired Stephen Andress to fill the newly created position of global head of derivatives operations. Headquartered in London and reporting to Joyce St. Clair, EVP in the firm's worldwide operations and technology group, Andress is charged with the management and oversight of the development of Northern Trust's back-office derivatives processing technology infrastructure team and capabilities.
Additionally, Andress will be responsible for supporting and expanding the firm's new derivatives businesses in back-office outsourcing and collateral management. "I would like to make derivatives processing and the ability for us to service them seamless for our clients," he says.
Andress joins Northern Trust from Commerzbank, where he was global head of OTC derivatives operations and collateral management. Prior to his tenure at Commerzbank, Andress held multiple positions at State Street Bank & Trust Co. --Cory Levine