Sheldon Anderson heads Northern Trust effort in two states as opportunities loom in foundations and endowment arena
After nearly 19 years with Northern Trust in Miami, Sheldon Anderson has seen the bank grow from 400 employees in the state to more than 700.
Now, as Southeast Regional CEO he's responsible for all those, as well as the bank's growing presence in Georgia.
Northern Trust focuses on a particularly attractive kind of client, the kind with more than $5 million in investable assets. Though it'll work with those investing $1 million, the $5 million client is what Mr. Anderson called the bank's "sweet spot.'
That demographic, however, isn't only Northern Trust's territory.
Several institutions, like JPMorgan Chase's private bank, have entered the market, looking for clients with high net worth. Smaller, local banks also cater to wealthy individuals and families.
Mr. Anderson, however, said "this is nothing new" and that the bank has changed its strategy little to deal with competitors.
In the future, he continued, the bank sees significant opportunities in endowment and nonprofit management.
Mr. Anderson spoke with Miami Today staff writer Zachary S. Fagenson at Northern Trust's Southeast headquarters on Brickell Avenue.
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