1. New Team Dedicated to Productivity Full-Time
Bill Morrison, Northern Trust president and chief operating officer, announced on March
15 the formation of a new team devoted full-time to our ongoing productivity initiative.
Aileen Blake, executive vice president and former controller, will lead the team that is
dedicated to assisting the Driving Performance effort to sustainably transform Northern
Trust’s culture.
“We continue to build enterprise-wide capabilities that help us ensure we are driving
productivity and effectively utilizing our corporate resources in a sustainable manner,”
Bill said. “It is in this spirit, that I have appointed Aileen to head our new Enterprise
Productivity team that will focus on global productivity efforts as well as facilitating
strategic corporate-wide investments in technology and capability development.”
Aileen has lead the productivity initiative since it began in early 2011. Under her
leadership, productivity efforts have yielded tens of millions of dollars in cost savings for
Northern Trust primarily through encouraging partner to creatively find ways for us to do
things better or more efficiently as an organization.
To date, Northern Trust partners have submitted more than 1,200 ideas to Productivity
with Purpose, many of which have resulted in substantial savings. In February, the
company announced the awarding of significant cash prizes to 7 partners whose ideas
already have generated millions of dollars in savings. (More information can be found in
the February issue of The IDEA, Productivity with Purpose’s bi-monthly newsletter).
Enterprise Productivity will include the following teams:
 Driving Performance project management and capability development;
 In-flight end-to-end Driving Performance initiatives (Client Administration,
Pricing/Valuation, Procurement and US Client/Fund Accounting),
 A newly created technology capital oversight capability, and
 The Enterprise Product group.
Pete Magrini, O&T executive vice president, will now report to Aileen and lead the
newly created Technology Capital Oversight team that will work closely with our
business units to ensure technology capital expenditures are appropriately aligned with
strategic priorities. In addition, Pete will be responsible for all technology capital
governance processes.
Donald Chae, senior vice president and manager, Financial Analysis will leave that role
to continue supporting our Driving Performance project management efforts and help
build enterprise-wide capabilities supporting our productivity efforts. He will continue to
report to Aileen.

2. Geordan Capes, Senior Vice President, C&IS, will become the leader of a reconfigured,
evolving Enterprise Product Group. This will allow the strategy and resource allocation
for enterprise sales and servicing tools to be more closely aligned with the Enterprise
Productivity group’s efforts. In addition, this move will result in stronger corporate wide
prioritization and governance to ensure we are leveraging our investments in partner
efficiency, client information management and business process workflow improvements.
I
In London, Productivity cash awards winners were congratulated by Wilson Leech
(center), EMEA head, and Clive Bellow (right), head of Ireland operations, and had a
chance to sit down with Wilson and Clive to discuss their award winning ideas.
PFS Changes Affect North America and Europe
On March 8, Personal Financial Services announced organizational changes affecting
partners in North America and Europe. The new structure aligns leadership roles with
PFS and corporate strategy, accelerates Driving Performance and enables career
development. The announcement was made by Jana Schreuder, PFS president, at the PFS
all-partner meeting.
“The PFS Executive Leadership Team will be organized into roles representing three
areas of accountability working collaboratively to guide the delivery of our PFS
commitment to clients and shareholders,” said Jana.
The areas of accountability are:
Client Service and Business Development, where leadership will focus on servicing
clients, developing new relationships and delivering profitability.

3. Global Family & Private Investment Offices - This group is formed by
recombining Wealth Management groups in Chicago and EMEA as well as
including the International Wealth Advisory business in Miami and is charged
with expanding our business globally. Jeff Kauffman will lead this group.
Caroline Devlin will move from her full time strategy role and join Jeff's
organization to focus on executing our international strategy.
East Region - Southeast and Northeast Regions will merge to form the East
Region. Dave Blowers will lead this combined Region and will be guided through
the transition by both Jeff Kauffman and Sheldon Anderson. Sheldon will remain
a member of the PFS Executive Team but plans to retire at the end of the year and
will continue in a consulting capacity to support Northern Trust in the Florida
community.
Central Region - The Midwest Region has been renamed and will be led by Mac
MacLellan.
West Region - Steve Bell will continue to lead the West Region.
Capability Design and Expertise roles elevate our focus on designing and developing
differentiated capabilities as well as subject matter expertise with emphasis on an
integrated client and partner experience.
Banking - To evolve our core banking capabilities in conjunction with our Life
Driven Wealth Management approach, Susan Mallory will take on the role of
Banking Practice Leader, enabling Keith Gossler to focus on the important role of
Chief Credit Officer.
Advisory - The Trust business and Specialty Advisory Services are being brought
together into a single organization led by Charlie Mueller with our fiduciary
heritage as a core base from which to provide a deeper, comprehensive Advisory
capability. Hugh Magill will continue in his critical role of Chief Fiduciary
Officer with a focus on extending his thought leadership activities as the voice of
our Trust business internally as well as externally.
Investments - As was announced earlier this year, Katie Nixon has taken on the
role of PFS Chief Investment Officer leading our Investments Practice. In
addition to expanding our investment solutions, rolling out Goals Powered
Solutions and informing the development of a new investment platform, Katie and
her team will also be responsible for defining brokerage services as a part
of investment solution set.
Sales & Marketing - Building on phenomenal momentum, this new team, led by
Doug Regan, is responsible for sales, marketing, branding and introducing
innovative ways of delivering our message to accelerate business growth. Brett

4. Rees and Amy Riggins will continue in their sales management and
marketing leadership roles.
Client & Partner Experience - This new team, led by Scott Dille, is responsible
for the segmentation and service model design through which we consistently
deliver a truly differentiated client experience. Since this requires equal attention
to our partner experience, the team will also be charged with ensuring partners are
fully engaged and supported with training and tools. Dino DeVita (PCS) and
Kendall Kay (FIA) will continue in their segment leader roles.
Execution Enablement and Governance will be provided through the expertise of:
Global Services - Chief Operating Officer - Marianne Doan who is responsible for driving the
execution of key strategic initiatives and technology deployment which enable the transformation
of the client and partner experience.
We also will continue to rely on our Corporate partners who remain key members of the
PFS Executive Team: Jacobo Schatz, Chief Financial Officer, Jim Monhart, Chief Risk
Officer and Amyre Coleman, Human Resources Manager.
A Conversation with Steve Fradkin, president of C&IS
Steve Fradkin has been with Northern Trust for more than 25 years, serving in a variety
of capacities, business units and corporate roles. Prior to becoming president of Corporate
& Institutional Services, he served as executive vice president and chief financial officer.
Steve was responsible for Northern Trust’s international business before assuming his
role as the Corporation’s chief financial officer.
Northern News recently had the opportunity to talk to Steve about the C&IS business and
his career at Northern Trust.
NN: Did you have any notion when you joined Northern Trust in 1985 that the company
would be a long-term home for you?
SF: What I accepted from Northern Trust in 1985 was a "job." What I did not realize at
the time, as I had very little employment experience, was the difference between a "job"
and a "career opportunity." As someone who has had multiple "careers" within Northern
Trust — ranging across compliance, marketing, sales, international, general
management, finance and beyond — it is only now that I fully appreciate how important
the opportunity to build sweat equity within an organization can be over time.
As I reflect upon working here for more than 25 years, it is important to remember that
reaching a quarter century of service here is a result of working for a great company that
has provided me with many opportunities over the years — rather than a simple choice
made at the inception of my employment.

5. NN: You travel the globe as president of C&IS. What country or region do you find
particularly intriguing from a business and/or cultural perspective?
SF: Over the course of my career, I have travelled several million miles on behalf of
Northern Trust. It is a privilege to represent our organization and I have been struck over
the years by how well this company is respected — even in markets where we are very
far from a household name. My travel experiences over the years also have enhanced my
appreciation for the strength and value of diversity in all its forms.
Each country, region or culture carries with it a set of norms and expectations, as well as
a unique view of the rest of the world. Perhaps what I have learned most of all is how
every country or region brings some interesting strengths to the table.
When I joined Northern Trust we had extremely small offices in London and Hong Kong.
The transformation since that time has been remarkable. We now have offices in Japan,
China, Hong Kong, Singapore, India, Australia, London, Ireland, the Channel Islands,
Luxembourg, The Netherlands, Sweden, Abu Dhabi and Canada and one-third of
Northern Trust’s partners are located outside of the United States.
This evolution has been inspiring to watch and has afforded me a wonderful opportunity
to learn so much more about the world in which we live and the strengths and interests of
various cultures. Our success around the globe has also served as a career reminder for
me. You cannot always micro manage your career and predict or anticipate the next
stage. I can categorically say that I never would have dreamt that Northern Trust would
be as global as it is today.
NN: Much of your dialogue with C&IS partners of late has focused on adding value to
relationships with clients, an idea that applies to all Northern Trust partners whether
their clients are external or internal. How would you explain this to partners across the
organization?
SF: As I have said many times to partners across our enterprise, excellence is not a part
time job. To be excellent, in the eyes of our clients or other constituents, requires an
obsessive drive and relentless focus on what "value" means to everyone you interact with
in your role, internally or externally, and how we ensure that we provide value
consistently, every day, in every interaction. Simply doing what we are hired to do or
what is expected of us at the price and quality we committed to is not sufficient.
I have a relentless focus on thinking beyond what clients have asked of us or hired us to
do. I have seen this mind-set grow both within C&IS and, importantly, across all of our
other business units as well. I believe it is a great competitive advantage and will serve us
well in the years to come.
NN: During 2011, Northern Trust made two important acquisitions under the C&IS
umbrella. The acquisitions are different in nature – Omnium brought capabilities and

6. new clients while BOISS reinforced a commitment to a current business. Together or
separately, how do they help position Northern Trust for the coming years?
SF: We are extremely pleased with both investments, and are already seeing the benefits
of these acquisitions, even at this early stage. With Omnium, now Northern Trust Hedge
Fund Services, we are off to a great start — currently serving more than 50 clients with
high levels of satisfaction. With only about a half of one year under our belt, the team has
successfully implemented one of the largest hedge fund conversions in industry history
with our new client, Carval, and has also won nearly 20 new clients on four continents,
with a wide range of investment strategies. The pipeline, and Northern Trust's reputation
in the hedge fund administration arena, continue to grow and we are extraordinarily well
positioned for the future.
Our acquisition of the Bank of Ireland Securities Services has also gone extremely well
and brought us new industry-leading capabilities, particularly in the area of serving
exchange traded funds. Now, in combination with our existing capabilities in Ireland, we
are one of the largest administrators in the Irish marketplace. As Clive Bellows and
Meliosa O’Caiomh from our Irish offices can attest following a recent meeting, even the
Irish Taoiseach (prime minister) has taken an interest in Northern Trust’s success and
growth in Ireland.
I believe both acquisitions will, in the end, prove to be extremely important contributors
to Northern Trust’s future success.
NN: As we finish the first quarter of 2012, what are the “hot” product or service
offerings in C&IS?
SF: One of our core objectives for C&IS for 2012 is to continue our focus on innovation.
Amidst a difficult environment, it would be easy to put our heads down and simply try to
navigate through the storm. While we are very focused on Driving Performance and
continuously improving our results, we are also committed to exploring new ways to
maintain and enhance the relevance of what we do for clients through organic product
development and via acquisitions.
We are actively innovating across the product spectrum from reporting through to risk
analytics. We are also exploring a variety of innovations on the client service front and
considering new ways to aggregate data across client groups in ways that can be
extremely interesting. Last year we averaged two product-related announcements per
month and I expect we will continue that pace in 2012 with all that we have going on.
A few product highlights include our first Australian Superannuation (pension) plan
going live with Investment Operations Outsourcing; our clients’ increased interest in Risk
Services and our new business growth in hedge fund custody and administration.
NN: What changes do you see on the near-term horizon for C&IS?

7. SF: Change is a constant in the C&IS business and for the corporation as our clients
continue their never ending quest to optimize investment returns on a risk adjusted basis
in a continuously shifting global economy. Accordingly, to me, the near term horizon is
not about change as much as it is about continued evolution.
In capitalism, nothing stands still. If we lose our edge or lose our relevance to clients,
others will pass us by. Northern Trust is not just the place we work but, is also the place
that enables us, and our families where applicable, to enjoy the lives we lead. As a result,
I take my role here very seriously and I know that the rest of our partners do as well. We
will continue our relentless focus on clients, on Driving Performance, on integrating our
acquisitions and other complex clients and activities, and on innovation — all designed to
make us the provider of choice to the clients we seek to serve.
Partner Points of View
In each issue of Northern News, we ask a number of Northern Trust partners from around
the globe to answer a question in their own words.
Do you like this feature, or have suggestions for future questions? Let us know what you
think.
As Earth Day approaches, do you have plans to increase your sustainability efforts at work and at
home? (Click on the partner's name to hear their response.)
Amit Sachdev, Learning & Development, Bangalore
As one of the founding members of the Green Lounge Club in Bangalore (now a part of Partners Think
Green), I have always believed strongly in doing my bit to “Go Green.” This Earth Day I plan to do a few
additional things that can help me reduce my carbon footprint.
 Save paper by always printing on both sides
 Save paper by using my mug instead of paper cups for water/coffee
 Save electricity (and exercise) by using the stairs instead of the elevator
 Save fuel by cycling to work once a week
 Save water by installing low flow shower heads and taking shortershowers
I am positive that each of these small steps will help me contribute to a greener earth.
Amy Franklin, O&T Communications, Chicago
I have never owned a car, so as the warm weather approaches, I’ll be biking to work
regularly. To cut energy use at home, I wash laundry in cold water during off-peak hours
and line dry everything, use energy efficient lighting and moderate indoor temperature,
especially during summer. I clean my apartment with mild solutions made from basic
household ingredients and recycle as required. Also, I shop locally and buy produce at the
city’s farmers markets from May through October. My actions aren’t driven solely by the

8. environment, but they effortlessly decrease my carbon footprint and increase
sustainability.
Philip Tan, APAC Corporate Services, Singapore
To contribute effectively to the preservation of the environment, it means going the extra
mile in changing my daily habits and lifestyle. The key is how to reduce waste disposal
both in the office and at home. I like to concept of the 3 “R”s: Reduce, Reuse and
Recycle. There are many opportunities to practice them and all it takes is discipline
which turns into daily habits. More important is influencing our partners, family members
and friends to have a mind-set change and take a serious stand on environmental issues.
Pauleanna Reid, Toronto
In celebration of Earth Day, my commitment to learning more about the environment and
how I can contribute to its protection has amplified. By exercising a daily proactive
approach both at work and at home, my efforts to increase sustainability will be
illustrated through my actions. I will lead by example by turning off the computer at
night, reviewing all labels of chemicals and cleaners, and limiting my use of water and
energy appliances.
The Words We Use
Have you ever been in a meeting and heard someone say, “Let me Cartoon this for you,”
or maybe, “We need to hold hands on this”? If you haven’t that would be surprising
because they are phrases heard at Northern Trust meetings daily.
Corporations tend to develop their own language over time, and Northern Trust is no
exception. In our case, that language is a hybrid of American English, British English,
current business slang/clichés and Northern Trust’s own vernacular.
How did these words and phrases come into play at Northern Trust? No one knows for
sure. Some hitched a ride with incoming partners who joined us from other organizations;
some have likely been bouncing around Northern Trust in various forms for decades and
others, no doubt, arrived from business schools and literature.
Regardless, we thought it would be a useful and fun exercise to catalog some of the more
common words and phrases we hear every day, together with their definitions as we
understand them. (See below).
Have your own favorite words or phrases that aren’t included here? Please e-mail them to
the Northern News mailbag and we will share many of them with all partners in the next
issue of Northern News.
Northern Trust Phrase Translation
We need to hold hands on this This needs to be a consensus decision.
We can't just spread the jam We shouldn't allocate a particular thing evenly.

9. Let me cartoon this for you
Let me give you a very simple, exaggerated example of what I'm trying to
explain.
Put a klieg light on it Examine something in detail.
For your benefit. You're not as familiar with the topic as I am so I'll give you some context.
Moving the needle Pushing a project forward.
Socializing the idea. Asking others for feedback.
Gaining traction in the
organization. Acceptance of an idea is growing among partners.
Above my Pay Grade. Someone senior to me must make the decision.
CIRT, BIRT, LIRT Acronyms for corporate, business unit and local incident response teams.
Many thanks and kind regards. E-mail sign offs that proliferate.
Stay close to our clients on this. Make sure our clients approve of what we're doing.
Complexity is our friend. The more complex things are for our clients, the more they need us.
Drill down. Seek date or facts well below the surface.
On Northern time. A nice way of saying someone's late.
Bangalore Partners Paint Trees —Yes, Trees — to Help Keep Kids Healthy
On March 10, more than two dozen Northern Trust partners volunteered at the SOS Children’s Village, a
volunteer organization dedicated to caring for parentless,homeless and abandoned children. It also works
to strengthen the ties between parents and children, so that children won’t suffer or get abandoned due to
domestic problems.
Northern Trust partners engaged in an activity called “Shramdaan,” — doing voluntary work through
physical effort — by painting the village trees with limestone to a height of 5 feet to help keep the village
children safe from tree-borne bacteria.
In addition to local partners, the Northern Trust volunteergroup included Joyce St. Clair, Operations &
Technology head.
Joyce St. Clair (seated, center), head of O&T, joined more than two dozen Bangalore
partners at their March 10 volunteer event.

10. NEWSBRIEFS
NATO Summit to Impact Chicago Operations
You have likely heard that the North Atlantic Treaty Organization summit will be held in
Chicago the weekend of May 20-21, 2012. During that time, the city will welcome nearly
5,000 world leaders and dignitaries in addition to United States President Barack Obama.
In the past, similar gatherings have attracted thousands of protestors. On occasion, the
protests have resulted in violent acts. There may be disruption to public transportation
and significant traffic delays which could make it difficult to commute to the business
district. As a result, companies throughout the Chicago area, including Northern Trust,
are working closely with one another, the City of Chicago and U.S. government officials
to plan for the possibility of significant disruptions during the days leading up to and
during the summit.
More information will be distributed soon to all employees via e-mail.
If you have any questions or concerns, please discuss them with your manager or send an
e-mail to G8-NATO Summit Communications.