Chicago-based Northern Trust has named Ronnie Powell has head of the Austin, TX, region, where he will lead a team of people dedicated to wealth preservation and growth.

Powell has been with the firm since 2006, when he joined after a career working with both Merrill Lynch and Smith Barney in Dallas, TX.

In his new role he replaces Craig Falls, who has left the firm.

Powell’s team will focus on wealth management including asset management, estate planning, trust administration and private banking, working with individuals, foundations, endowments and privately-held businesses.

Financial results

For the first quarter of this year, Northern Trust reported net income of $164 million, up 2 per cent year-on-year from $161.2 million, but down 2 per cent from $167.7 million in the previous quarter.

Consolidated revenue of $976.4 million in Q1 2013 was up $11 million, or 1 per cent, from $965.4 million in the first quarter of 2012, and up from $969.7 million in Q4 2012. 

Non-interest income, which represented 77 per cent of revenue, rose $41.3 million consecutively, or 6 per cent, to $750.3 million in the first quarter. This primarily reflected higher trust, investment and other servicing fees, the firm said.

Meanwhile, trust, investment and other servicing fees ended the first quarter of 2013 at $630.7 million, up $55.5 million, or 10 per cent, from $575.2 million in the prior-year quarter. This largely reflected new business and the favorable impact of equity markets on fees, Northern Trust said.