CHICAGO--(BUSINESS WIRE)--Northern Trust announced today that its Foundation and Institutional Advisors group (FIA) has been selected by the Healthcare Foundation of La Porte, Ind. to provide it with investment and other fiduciary related services aligned with its specific needs. The $140 million foundation is dedicated to empowering residents from in and around La Porte to live healthy and well, with a goal of the area becoming one of Indiana’s top 10 healthiest communities by 2030.
The foundation was established in March of 2016 as part of the sale of IU Health La Porte Hospital to Community Health Systems. Proceeds from the sale will support health and wellness for the community through the newly formed foundation.
A separate $9 million from La Porte Hospital Foundation (the philanthropic and fundraising arm of the hospital since 1978) will be blended into the Healthcare Foundation of La Porte this month. Drummond Osborn, investment committee chair of the Healthcare Foundation, and former board member of the La Porte Hospital Foundation, said, “We realized that the greater size and scope of the new Healthcare Foundation would require outside expertise in discretionary investment management and other services. Our high level of confidence in Northern Trust’s investment management skills, along with their expertise in other valuable services such as impact investing, philanthropic advice, and planned giving were key factors in our decision to hire them. And, most importantly, in their role as our Outsourced Chief Investment Officer, we believe that their holistic and consultative approach will best help us to empower our residents to live healthy and well.”
“We greatly appreciate the opportunity to expand the services that we provide to the residents in and around La Porte, and applaud the Healthcare Foundation for establishing itself as a nonprofit entity to better the lives of its community,” said Darius A. Gill, National Practice Executive of Northern Trust’s FIA practice group.
Foundation and Institutional Advisors serves nonprofit organizations through sophisticated investment management solutions, strategic insights and world-class resources. Northern Trust provides investment advice, asset servicing and related services to help nonprofit organizations achieve financial and philanthropic goals cost-effectively, collaborating with board and investment committee members to assist with investment oversight. More information about Northern Trust Foundation and Institutional Advisors can be found at www.northerntrust.com/FIA.
Northern Trust Wealth Management specializes in Goals Driven Wealth Management backed by innovative technology and a strong fiduciary heritage. Northern Trust Wealth Management is ranked among the top 10 U.S. wealth managers, with $242 billion in assets under management as of September 30, 2016, and a wide network of wealth management offices across the United States.
The Northern Trust Company is an Equal Housing Lender. Member FDIC.
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 22 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2016, Northern Trust had assets under custody of US$6.7 trillion, and assets under management of US$946 billion. 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.
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