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Northern Trust veteran Ed Joyce takes regional lead eyeing more high-net-worth clients and small businesses
After 25 years with Chicago-based Northern Trust Bank, longtime Miamian Edward J. Joyce was chosen six weeks ago to succeed the bank's longtime Miami-Dade Region President Sheldon T. Anderson. Mr. Anderson, meanwhile, will stay in Miami and assume leadership of the bank's Personal Financial Services business in the Southeast US.
As he transitions into his new role, Mr. Joyce said he'll be drawing on a wealth of experience in different areas of Northern Trust's business to lead its day-to-day operations in Miami.
"For the last four or 4½ years, I've been much more exposed to the banking side of our business in a management role than I had been in the past," Mr. Joyce said, "and I think that experience of the multi-discipline approach gave me a really good background for doing this job."
The bank continues to see opportunities to attract high-net-worth clients despite a slowdown in population growth in Florida, lagging economic factors and increased competition from new and existing banks targeting the same clients.
"There have always been a lot of competitors in that market both nationally and here in Miami and the ones… mentioned will continue to be strong competitors. We welcome the competition," he said. "We think that our strengths, our safety, our soundness, our customization, our expertise in trust, investment and banking play very, very well to what clients are looking for." Meanwhile, Mr. Joyce pointed to the dramatic rebounding of the Dow Jones Industrial Average, which recently topped the 10,000 mark for the first time this year, as a leading indicator for the recovery, though there's still a way to go. And while that recovery is predicted to move along slowly, Mr. Joyce said the bank will begin to target smaller businesses for lending as a way to bring in individual clients for its personalized wealth-management services.
"We've seen some opportunities in the foundation and endowment area as well as with some local businesses," he said. "We think Miami has a lot of small, as Florida does, a lot of small businesses, and we see that as an opportunity for us." Mr. Joyce was interviewed in Northern Trust's Brickell Avenue office by Miami Today Staff Writer Zachary S. Fagenson.
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