Northern Trust to Provide Investment Advisory Services to New Healthcare Foundation in La Porte, Ind.
January 17 2017 - 10:00AM
Business Wire
Northern Trust announced today that its Foundation and
Institutional Advisors group (FIA) has been selected by the
Healthcare Foundation of La Porte, Ind. to provide it with
investment and other fiduciary related services aligned with its
specific needs. The $140 million foundation is dedicated to
empowering residents from in and around La Porte to live healthy
and well, with a goal of the area becoming one of Indiana’s top 10
healthiest communities by 2030.
The foundation was established in March of 2016 as part of the
sale of IU Health La Porte Hospital to Community Health Systems.
Proceeds from the sale will support health and wellness for the
community through the newly formed foundation.
A separate $9 million from La Porte Hospital Foundation (the
philanthropic and fundraising arm of the hospital since 1978) will
be blended into the Healthcare Foundation of La Porte this
month. Drummond Osborn, investment committee chair of the
Healthcare Foundation, and former board member of the La Porte
Hospital Foundation, said, “We realized that the greater size and
scope of the new Healthcare Foundation would require outside
expertise in discretionary investment management and other
services. Our high level of confidence in Northern Trust’s
investment management skills, along with their expertise in other
valuable services such as impact investing, philanthropic advice,
and planned giving were key factors in our decision to hire them.
And, most importantly, in their role as our Outsourced Chief
Investment Officer, we believe that their holistic and consultative
approach will best help us to empower our residents to live healthy
and well.”
“We greatly appreciate the opportunity to expand the services
that we provide to the residents in and around La Porte, and
applaud the Healthcare Foundation for establishing itself as a
nonprofit entity to better the lives of its community,” said Darius
A. Gill, National Practice Executive of Northern Trust’s FIA
practice group.
Foundation and Institutional Advisors serves nonprofit
organizations through sophisticated investment management
solutions, strategic insights and world-class resources. Northern
Trust provides investment advice, asset servicing and related
services to help nonprofit organizations achieve financial and
philanthropic goals cost-effectively, collaborating with board and
investment committee members to assist with investment oversight.
More information about Northern Trust Foundation and Institutional
Advisors can be found at www.northerntrust.com/FIA.
Northern Trust Wealth Management specializes in Goals
Driven Wealth Management backed by innovative technology and a
strong fiduciary heritage. Northern Trust Wealth Management is
ranked among the top 10 U.S. wealth managers, with $242 billion in
assets under management as of September 30, 2016, and a wide
network of wealth management offices across the United States.
The Northern Trust Company is an Equal Housing Lender. Member
FDIC.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider
of wealth management, asset servicing, asset management and banking
to corporations, institutions, affluent families and individuals.
Founded in Chicago in 1889, Northern Trust has offices in the
United States in 19 states and Washington, D.C., and 22
international locations in Canada, Europe, the Middle East and the
Asia-Pacific region. As of September 30, 2016, Northern Trust had
assets under custody of US$6.7 trillion, and assets under
management of US$946 billion. For more than 125 years, Northern
Trust has earned distinction as an industry leader for exceptional
service, financial expertise, integrity and innovation. Visit
northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle
Street, Chicago, Illinois 60603 U.S.A., incorporated with limited
liability in the U.S. Global legal and regulatory information can
be found at https://www.northerntrust.com/disclosures.
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Northern Trust CorporationMedia Contact:Tom Pinto(212)
339-7288Tom.Pinto@ntrs.comhttp://www.northerntrust.com
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