Northern Trust Commits $70 million to its Charitable Foundation
July 18 2024 - 11:21AM
Business Wire
Northern Trust announced that it has allocated $70 million to
the Northern Trust Foundation, which supports non-profit
organizations focused on fundamental needs and broadening
opportunities.
Northern Trust's global philanthropic strategy focuses on
broadening opportunities for financial success via four areas of
need: accessible healthcare, affordable housing, quality education
and food security. Northern Trust donated more than $170 million
over the past decade to non-profit organizations, including nearly
$16 million in 2023, providing more than 4 million meals, 222,000
nights of safe shelter, and educational assistance to 26,000
students last year.
In Northern Trust’s headquarters city of Chicago, the strategy
aims to support youth on the South and West sides at a pivotal
stage of life -- 16 to 24 years old. Northern Trust’s philanthropic
efforts in Chicago are accomplished via the Northern Trust
Foundation.
“We are pleased to be in a position to make a significant and
lasting contribution to the Northern Trust Foundation,” Chairman
and Chief Executive Officer Michael O’Grady said. “Since our
company was founded 135 years ago, Northern Trust has been
committed to creating better financial futures for the communities
where we live and work. This funding is another example of our
ongoing commitment."
The donation to the Foundation is related to Northern Trust
realizing a gain on its Visa Inc. common stock holding, a position
held since Visa’s initial public offering in 2008. Visa’s exchange
offering is described on Northern Trust’s second quarter 2024
earnings call on July 17, 2024.
“By strengthening our Foundation, we are setting the stage to
bolster our philanthropic efforts worldwide,” said Shana Hayes,
Northern Trust Director of Corporate Philanthropy.
Northern Trust has a long history of groundbreaking
philanthropic support. In 1893, Northern Trust founder Byron L.
Smith seeded a relief fund for victims of a devastating fire that
broke out at the World's Fair. Since then, Northern Trust's
charitable footprint has helped establish Chicago's nonprofit
pillars such as The Art Institute, Field Museum, United Way of
Metro Chicago, Metropolitan Family Services, Braven and Kids First
Chicago.
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 a global presence
with offices in 24 U.S. states and Washington, D.C., and across 22
locations in Canada, Europe, the Middle East and the Asia-Pacific
region. As of June 30, 2024, Northern Trust had assets under
custody/administration of US$16.6 trillion, and assets under
management of US$1.5 trillion. For more than 130 years, Northern
Trust has earned distinction as an industry leader for exceptional
service, financial expertise, integrity and innovation. Visit us on
northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust
or Northern Trust Corporation on LinkedIn.
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/terms-and-conditions.
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Doug Holt (312) 557-1571 Dh124@ntrs.com
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