Chicago-based US custody bank Northern Trust has appointed Michael Hunstad as president of Northern Trust Asset Management ( NTAM ), replacing Daniel Gamba and reporting to chief executive officer Michael O’Grady.

Since joining NTAM in 2012, Hunstad has held a range of senior leadership roles, including most recently serving as global co-chief investment officer. He was responsible for overseeing a comprehensive suite of investment capabilities, including index, fundamental, quantitative and tax-advantaged strategies, as well as active, multi-asset class solutions and alternative investments.

Hunstad has played a pivotal role in shaping NTAM’s investment vision and philosophy, leading a global team of more than 300 professionals. Before joining Northern Trust, Hunstad was head of research at Breakwater Capital and head of quantitative asset allocation at Allstate Investments.

“After 25 years in the industry and a proven track record of driving growth and innovation, Hunstad is the ideal leader to guide us in navigating the complexities of today’s market,” O’Grady says. “His strategic vision and commitment to client success will not only enhance our asset management capabilities but also position us to deliver exceptional value to our clients and stakeholders.”