CHICAGO — Chicago-based Northern Trust has hired former Chicago Transit Authority chief financial officer Dennis Anosike to co-lead the public funds group in its corporate and institutional services business unit.
Anosike most recently served as the senior director of management and performance for the U.S. Department of Commerce, where he also was a senior adviser to its CFO. Northern Trust had $657 billion of assets under investment management as of Sept. 30.
"I am delighted to join the Northern Trust team and look forward to working with some great people and a fantastic group of public funds clients," he said.
Anosike served as CFO and treasurer of the CTA from 1998 until 2009. He shepherded the authority's return to the tax-exempt market and efforts to shore up its operating budget and pension-related funds.
The agency's nearly $2 billion taxable pension-related sale in 2008 was a highlight of his tenure, he said.
The bond sale was part of state legislation passed early in 2008 that included a sales tax hike in the region. They helped ease several threats to CTA's long-term health — ongoing budget deficits and skyrocketing pension and retiree health care costs.
Anosike also was a trustee and chairman for CTA's employee pension plan and a vice chairman of its health care trust fund.
"We are pleased to bring Dennis Anosike's knowledge and experience to our public pension fund clients," said Laurie Neu, group head for public entities and institutions at Northern Trust. "Public funds face many challenges, from low funding ratios to increasing regulation. As a former pension official, Dennis has broad experience in understanding the needs of this segment and knows how to bring the full range of Northern Trust's solutions to these clients."