DURING MOST OF A long history stretching back to the Gilded Age,Northern Trust Corp.was content to focus on the U.S.One of the nation's premier money managers for wealthy individuals,the Chicago bank has some 20% of the nation's richest families as clients.If s hush-hush about exactly who banks there,though President George W.Bush's tax returns indicate he does.But when Northern Trust closed a US500 million purchase of the financial-services arm of London's Baring Asset Management in late March,the bank completed a long transition from quiet Midwestern firm to global player.On Mar.22,it got approval to open a Beijing office,its first in mainland China.Northern is now the world's ninth-largest money manager and custodian of more than US1 trillion in overseas pension,government,and other institutional funds."We've evolved from a U.S.-centric organization into a global one with a big domestic business," says Chairman and Chief Executive William A.Osborn.
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