Press release
Northern Trust Asset Management Announces Renaming of Fund Share Class Utilized in Diversity Efforts
CHICAGO--(BUSINESS WIRE)-- Northern Trust Asset Management (NTAM) announced the re-naming of a share class which provides institutional investors with a
About this update from Northern Trust Corporation
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nNorthern Trust Asset Management (NTAM) announced the re-naming of a share class which provides institutional investors with a money market solution offered as part of NTAM’s well-established partnership with a leading minority- and women-owned business. The change became effective April 1 and reflects the merger of Siebert Cisneros Shank & Co., L.L.C. and The Williams Capital Group, L.P.; the combined company operates under the name Siebert Williams Shank & Co., LLC (SWS).\n\nThe Siebert Williams Shank Shares class (WCGXX) (formerly The Williams Capital Shares class) of the Northern Institutional Funds (NIF) U.S. Government Select (Money Market) Portfolio (Fund) was first offered more than six years ago and represents a longstanding collaboration between Northern Trust Asset Management (NTAM), a leading global asset manager with $1.1 trillion in assets under management, and Siebert Williams Shank & Co., LLC (SWS), a leading minority- and women-owned independent, non-bank financial services firm in the United States.*\n\n“We greatly value our long-time relationship with Siebert Williams Shank and are pleased to continue partnering with them,” said Sheri Hawkins, global head of product at NTAM. “We believe that partnering with diverse organizations can meet the shared goal of delivering better outcomes for investors and the communities we serve.”\n\nSince the inception of the Fund share class on September 15, 2014, it has grown to $5.0 billion, representing more than twelve percent (12%) of the NIF U.S. Government Select Portfolio’s overall $41.4 billion net assets, as of March 31, 2021.\n\n“For institutional investors seeking solutions that support minority- and women-owned firms, while also looking to meet their financial objectives, the Siebert Williams Shank Shares class is an effective way to do so within the money market space,” said Jen Hoffenkamp, who oversees NTAM’s liquidity products. “The share class is highly accessible through its availability on an expanding number of platforms where NTAM money market funds are offered.”\n\nPartnering with minority-owned firms is just one way that NTAM has been putting its values into action over the years. For decades, NTAM has been driving change by developing innovative investment programs and investing in the communities it serves.\n\nIn 2007, NTAM es...