Northern Trust Corp. has elevated Frederick "Rick" Waddell to president and chief operating officer.

While Northern Trust manages some $400 billion of primarily institutional assets, it also sponsors the 31-member Northern Funds family.

Waddell, a 30-year company veteran, was also elected to the board of directors. He will continue to serve as president of corporate and institutional services, a post he has held since 2003.

"Rick is an exceptional leader and a highly regarded member of our executive management team," said William Osborn, chairman and chief executive of the Chicago-based firm, in a statement. 

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