Northern Trust Promotes Bob Parise to Head of North America Institutional Unit

Bob Parise

Northern Trust Asset Management promoted Bob Parise to head of North America, global institutional client group, a spokesperson for the company confirmed this week. Parise’s promotion took effect in July.

Parise is responsible for leading the Northern Trust Asset Management institutional sales division, providing oversight of institutional client-facing and new business development within North America and creating long-term strategy, executing operational plans and developing talent, the spokesperson said. Parise reports to John Abunassar, head of NTAM’s global institutional client group.

Parise’s previous role was as the practice leader for public retirement funds and Taft-Hartley plan business segments. Taft-Hartley plans, also known as multiemployer retirement plans, are collectively bargained retirement plans maintained by more than one employer, often sharing an industry or a labor union.

Parise has worked in the retirement investing industry with retirement plans for more than 30 years, beginning in 1997. Parise started as a 401(k) wholesaler at Banc One Investment Advisers and worked at J.P. Morgan Asset Management, in two roles, for 12 years.

The Northern Trust Asset Management retirement practice includes an outsourced CIO model, with the firm acting as discretionary manager for defined benefit plans and defined contribution 401(k) plans, according to its website. Plan sponsors can hire Northern Trust to customize and design their retirement plans. Northern Trust also offers defined contribution plan asset custody services.

Northern Trust Asset Management has $202.7 billion in defined contribution assets under management, according to the firm’s website.