CHICAGO, Mar. 27 /CSRwire/ - Northern Trust Asset Management is enhancing its long-standing commitment to diversity by increasing the use of minority-owned brokerage firms. Consistent with Northern Trust’s pledge to support the CEO Action for Diversity & Inclusion, the firm has set a target to execute 10% of all equity security trading commissions with minority brokers for approximately 120 common and collective investment trusts (CIT) it manages. CEO Action for Diversity & Inclusion is the largest CEO-driven business commitment to advancing diversity and inclusion in the workplace.
As one of the world’s largest asset managers1 and an industry leader in diversity and inclusion, Northern Trust Asset Management already directs one-third more trading volume to minority brokers than its peers, according to a 2016 third-party study2 commissioned by Northern Trust. This underscores the firm’s commitment to partnering with minority firms and delivering best execution.
“We believe that bringing together individuals with diverse experiences, perspectives and qualities leads to better business outcomes,” said Shundrawn Thomas, president of Northern Trust Asset Management. “Furthermore, we believe that supporting diversity and inclusion in the marketplace creates greater opportunities for all stakeholders. Setting an explicit target for our commitment to minority-owned brokerages is a tangible way of both increasing our accountability and affirming our commitment to delivering better outcomes and expanded opportunities.”
Northern Trust Asset Management has been cultivating relationships with minority-owned investment management firms and brokerages for more than a decade. In February 2018, the firm expanded these relationships to include equity research firms owned by minorities, women or people with disabilities. The Emerging Managers Program, established in 1993, invests approximately $2.4 billion with more than 25 emerging and minority-owned investment management firms through manager-of-managers programs.
About Northern Trust Asset Management
Northern Trust Asset Management is a leading global asset management firm serving institutional and individual investors in 29 countries. Our robust investment capabilities span all markets and asset classes, from passive and risk-factor to fundamental active, multi-asset class and multi-manager strategies, delivered in multiple vehicles. As of December 31, 2017, Northern Trust has $1.2 trillion in total assets under management. For more information, please visit our website or follow us on Twitter @NTInvest.
Northern Trust Asset Management comprises Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc. and investment personnel of The Northern Trust Company of Hong Kong Limited and The Northern Trust Company.
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 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2017, Northern Trust had assets under custody/administration of $10.7 trillion, and assets under management of $1.2 trillion. 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.
1 14th largest asset manager. The ranking is not indicative of future performance. It is based on total worldwide assets under management of $942.4 billion as of December 31, 2016 by Pensions & Investments magazine’s 2017 Special Report on the Largest Money Managers.
2 “Northern Trust Minority Brokerage Analysis,” May 2016 (Abel/Noser)