* Northern Trust hires back-office veteran
* Joins from Baring Asset Management
* Banks sees demand for outsourcingservices
By Luke Jeffs
LONDON, Jan 7 U.S. bank Northern Trust Corp
(NTRS.O) has hired one of London's most experienced operations
professionals at a time of increasing focus by trading firms on
their post-trade costs.
Northern Trust, which supplies custody and outsourcing
services to pension funds, has recruited Terri van Praagh as
head of market operations in its global fund services business,
according to a spokeswoman.
In her new role, Van Praagh reports to John Hannon, who is
in charge of investment operations outsourcing.
Van Praagh (formerly Humphreys) joined Northern Trust from
Baring Asset Management, where she was director, head of market
activities for 12 years.
Prior to Baring Asset Management, van Praagh was a trade
support manager at Lehman Brothers for eight years and worked in
foreign exchange at Standard Chartered (STAN.L) for five years.
In her time at Baring, van Praagh also served as European
chairwoman of the influential International Securities
Association for Institutional Trade Communication (ISITC), which
works to standardise middle and back office processes across the
Her appointment comes as banks and fund managers seek to
drive down the cost of processing trades, aiming to maximise
Middle and back office cost-efficiency tends to be
overlooked in strong markets, but the relatively slow trading
activity over the past year has forced some asset managers to
focus on the back office, prompting Northern Trust to boost its
Custody banks offer their buy-side clients the opportunity
to outsource their back office processes, a move the banks argue
drives down costs.
(Editing by David Holmes)