Northern Trust has shuffled its top management ranks.

Sherry Barrat, president of Personal Financial Services, will assume a new role as vice chairman. In her new post, she will cultivate and develop relationships with select clients and prospects, both personal and institutional, around the globe.

Jana Schreuder, president of operations and technology, is replacing Barrat.

Stepping into Schreuder’s shoes is Joyce St. Clair, executive vice president and head of corporate risk management.

Jeff Cohodes, executive vice president and head of business practices and market segments in Personal Financial Services, has been named head of corporate risk management.

The changes, which the firm described as positioning it for future growth, are effective March 1.

Barrat was named president of Personal Financial Services in 2006. She joined Northern Trust in 1990 in Miami.

PFS had $370 billion in assets under administration and $154 billion in assets under management at the end of last year.

Northern Trust appears to be in expansion mode. It acquired multi family office Los Angeles-based Waterline Partners in December.

Later that month Frederick Waddell, chief executive, said at a securities conference that the firm plans to use its capital for smaller acquisitions rather than larger "transformational" ones.

Earlier this month FWR reported that Northern Trust made four hires in the Northeast including two pros in New York who joined from Brown Brothers Harriman and Geller Family Office Services.