Press release
Northern Trust Asset Management Seeks Minority-Owned Broker-Dealers as Part of Long-Standing Diversity Commitment
CHICAGO--(BUSINESS WIRE)-- As part of its long-standing commitment to ensuring diversity, equity and inclusion within the investment industry, Northern Trust
About this update from Northern Trust Corporation
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nAs part of its long-standing commitment to ensuring diversity, equity and inclusion within the investment industry, Northern Trust Asset Management (NTAM) seeks requests for information from broker-dealers owned by minorities, women, veterans or people with disabilities – to provide trade execution services. Responses are due by Friday, July 29, at 5:00 PM CT.\n\nLast year, as part of the Program, NTAM increased from 10% to 15% its target for all equity security trading commissions regarding its common and collective funds. A target has been in place since 2018 and has consistently been met or exceeded, including 18% this past year.\n\n“Diversity is fundamental to how we invest and to how we execute our entire business,” said Chief Investment Officer Angelo Manioudakis. “We have seen in our own firm that different perspectives aid innovation and enhance business operations overall. So, to best serve our clients, it’s only natural that we seek to partner with external partners that bring such diversity of thought.”\n\nNTAM will host a Bidder’s Forum at its 50 South LaSalle Street headquarters in Chicago on Tuesday, June 21, 3:30 CT, to provide applicants with additional insight into the selection process. Firms interested in attending should respond through this RSVP link.\n\nIn addition to considering ownership structure, NTAM evaluates broker-dealers on rigorous requirements for execution, technology, compliance and performance. The firm expects to announce the selected broker-dealers in the fourth quarter of this year.\n\nNTAM has been cultivating relationships with minority-owned investment management firms and brokerages for more than a decade. The firm’s commitment to diversity also includes its multi-manager solutions business, which invested approximately $5.1 billion with 22 minority-owned investment-management firms through manager-of-manager programs as of December 31, 2021. Minority-owned firms that provide equity research are also part of the Minority Brokerage Program.\n\nIn keeping with the firm’s history of diversity leadership, NTAM has been named a Diversity Champion by InvestmentNews in four of the five years that the leading financial advisor trade publication has presented its Diversity, Equity and Inclusion (DE&I) Awards. As part of the Awards in 2021, NTAM president Shundrawn Th...