American asset manager Northern Trust has promoted Jason Tyler, currently CFO of its wealth management business, as the group’s new CFO.

He will succeed S. Biff Bowman, who will be stepping down from his role on 1 January 2020.  He will subsequently retire from Northern Trust in February next year.

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Apart from assuming the new role, Tyler will also work as a member of the management group.

At Northern Trust Asset Management, Tyler has worked in the capacity of global head of corporate strategy as well as global head of the institutional group.

Prior to joining Northern Trust in 2011, Tyler worked with Ariel Investments as senior vice president and director of research operations.

Earlier, he worked as first vice president and manager in corporate planning at Bank One/American National Bank in Chicago.

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Bowman joined Northern Trust in 1985. He held various management positions including head of human resources and head of the Americas region for the corporate and institutional services business unit before assuming the role of CFO in 2014.

Northern Trust chairman and CEO Michael O’Grady said: “We are grateful to Biff for his many contributions to Northern Trust as a trusted partner and thoughtful leader. Through his many roles he created meaningful value for clients, partners, shareholders and the community.”

“Jason brings deep financial expertise, dynamic leadership and a drive to continue our profitable growth. Jason will serve our stakeholders well.”

This August, Northern Trust launched a new pricing engine to predict the rate to loan securities in the securities lending space.

In July, the asset manager agreed to buy California-based Belvedere Advisors, that operates a digital investment advice platform called Emotomy, for an undisclosed sum.