Through a leadership transition, Northern Trust Asset Management maintains an Average Parent rating.
Michael Hunstad, a longtime executive in Northern Trust’s investment organization and most recently its co-CIO, succeeded Daniel Gamba as president of the group in September 2025. In two years, Gamba had made his mark in his efforts to revamp Northern Trust’s investment organization. He hired new leaders for its fixed-income, multi-asset, and international-equity research teams; he expanded the firm’s distribution team to increase its presence among ultra-high-net-worth and institutional investors; and he brought in a new leader for its exchange-traded fund business.
These strategic efforts are still all in place under Hunstad. His near-term focus includes expanding the firm’s brand of institutionally oriented strategies. For example, Hunstad plans to broaden the reach of Northern Trust’s tax-advantaged separately managed account business by adding to its distribution team and increasing investor education efforts. Another important initiative is building out the firm’s ETF lineup, which will include folding existing FlexShares ETFs under the Northern Trust branding.
Through these leadership changes and new strategic initiatives, the firm has maintained its disciplined approach to product management and a fundholder-friendly fee structure. Its sensible open-end fund and ETF lineup features mostly core portfolio offerings and strategic-beta options that should easily find their place in an investor’s long-term portfolio. Northern Trust funds tend to charge below-average fees, and the firm has regularly cut expenses across its lineup in recent years.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Northern Trust (Branding Name ID: BN000009KG), is covered by Morningstar Manager Research.
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