<P> In November 2008, the United States Department of the Treasury invested $1.5 billion in the company as part of the Troubled Asset Relief Program and in June 2009, the company repurchased the investment from the Treasury . The company had been criticized for heavy spending on parties during a golf tournament that it sponsored, despite receiving government funds . </P> <P> On October 2, 2017, Northern Trust acquired UBS Asset Management's fund administration servicing units in Switzerland and Luxembourg . </P> <P> Effective January 1, 2018, Michael O'Grady became chief executive officer of the company . </P>

Is northern trust part of bank of america