CHICAGO--(BUSINESS WIRE)--The University System of Maryland Foundation, Inc. (USM Foundation) has selected Northern Trust to serve as global custodian for its $1.2 billion in combined assets. Northern Trust will provide other services including pooled accounting, endowment reporting and investment performance services.
“The quality of product offerings, service expertise, and collaborative culture were keys in selecting Northern Trust,” said USM Foundation President Leonard R. Raley. “We feel confident working with a firm committed to serving the not-for-profit sector and helping us continue to effectively meet the needs of our institutions.”
The USM Foundation was created in 1979 upon receipt of a gift of 400 Black Angus cattle from the Wye Plantation Herd. More than three decades later, the USM Foundation administers more than 7,000 current use and endowment funds, and invests assets on behalf of 23 institutions and affiliated foundations within the USM and at several Maryland community colleges. The USM Foundation advocates and supports the advancement of public higher education in Maryland through visionary leadership in philanthropy, asset management and stewardship.
“We are delighted to announce the USM Foundation as an important not-for-profit client,” said David W. Fox, head of Northern Trust Corporate & Institutional Services in North America. “We approach each client individually and tailor solutions based on their evolving needs. The Foundation will benefit from services such as Data Direct, which provides easy accessibility to risk and performance data. In addition, technology and product enhancements will help maximize cost and operational efficiency.”
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 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2015, Northern Trust had assets under custody of US$6.1 trillion, and assets under management of US$960.1 billion. For 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 http://www.northerntrust.com/disclosures