US investment advisor and private bank Northern Trust chairman and chief executive William Osborn will step down on 1 January 2008. Frederick Waddell will take on that role in addition to his current position as president of the Chicago-headquartered firm. Mr Osborn has been CEO for over 12 years and will remain as chairman of the board.

Mr Osborn said: "This announcement is being made now to allow adequate time for me to continue to work with Rick to assure a successful transition.”