Dudley, 55, was most recently chief executive officer and acting chief investment officer for Scottish Widows Investment Partnership, Ltd. in Edinburgh, Scotland.
He will join Northern Trust October 15.
Before joining Scottish Widows, Dudley spent four years with the Barclays Group, first as president and chief executive officer of Barclays McConnell Ltd. (Canada) and more recently in Europe as managing director of Barclays Asset Management.
He also held a number of senior management positions with The Putnam Companies.
James M. Snyder, Northern Trust’s current chief investment officer, will assume the new role of vice chairman of Northern Trust Global Investments in October.
Northern Trust had $332 billion in assets under management at June 30, 2000.