CHICAGO–(BUSINESS WIRE)–Please replace the release with the following corrected version due to an error in the bulleted list.
The corrected release reads:
NORTHERN TRUST ASSET MANAGEMENT SELECTS ELEVEN FIRMS FOR MINORITY BROKER PROGRAM
Northern Trust Asset Management, consistent with its long-standing commitment to ensuring diversity and inclusion within the investment industry, has selected eleven minority-owned broker-dealers for its Minority Broker Program. Started in 2007, the program consists of firms owned by minorities, women, and disabled veterans.
Each firm was selected for one or more asset classes, based on quantitative and qualitative selection criteria including execution capabilities, technology platforms and performance. The selected firms include:
- Academy Securities, Inc.
- Cabrera Capital Markets, LLC
- CastleOak Securities LP
- Guzman & Company
- Loop Capital Markets
- Mischler Financial Group
- North South Capital
- Penserra Securities LLC
- Samuel A. Ramirez & Co., Inc.
- Siebert Cisneros Shank & Co. LLC
- Williams Capital Group
“We know that companies that excel on cultural, ethnic and gender diversity are among the top performers in their respective industries,” Northern Trust Asset Management President Shundrawn Thomas said. “This quality leads to higher levels of engagement, increased innovation and greater profitability. It further promotes better business outcomes for all stakeholders, including clients. This is why Northern Trust is fully committed to deepening our partnership with firms owned by minorities, women, and disabled veterans.”
The firm has been cultivating relationships with minority-owned investment management firms and brokers for more than a decade. Its commitment to diversity is also part of its Multi-manager Solutions business which has invested approximately $4.2 billion1 with 17 minority-owned investment management firms through manager-of-manager programs as of December 31, 2018. Last year, the firm enhanced its Minority Broker Program with an ongoing commitment to hire minority-owned firms that provide equity research to help inform the firm’s investment decisions. Also in 2018, the firm set a target of 10% for trading commissions executed through minority brokers on equity securities in all of its collective investment trusts with trading activity. The goal was met or exceeded in all 63 such funds.
In keeping with the firm’s track record, Northern Trust was included in Forbes 2019 list of Best Employers for Diversity2. Also in 2019, the firm received a 100% score in the “Disability Equality Index of Best Places to Work,” a comprehensive benchmarking measure of diversity inclusion 3.
“We are proud to welcome new firms to our Minority Broker Program, and to strengthen relationships with some past participants,” Northern Trust Chief Investment Offer Bob Browne said. “We pride ourselves on our rigorous review and selection process. Firms chosen clearly possess significant expertise in trade execution. Today’s complex and challenging markets require nothing less. Most importantly, this provides us with the utmost confidence that our clients will be served in the best manner possible.”
The firms were selected by a group of Northern Trust partners from a group of 29 broker-dealers that responded to a request for information. This is the fifth time that Northern Trust Asset Management has gone through this process since the program’s inception in 2007.
1Assets represent Northern Trust Investments. Inc. multi-manager accounts.
2Each year, Forbes partners with market research company Statista to measure up the leading employers around the country by surveying workers. Surveys are done for diversity, women and new graduates.
3The Disability Equality Index (DEI) is a joint initiative of Disability: IN, the leading nonprofit resource for business disability inclusion worldwide, and the American Association of People with Disabilities. Developed by the DEI Advisory Committee, a diverse group of business leaders, policy experts, and disability advocates, the DEI is a national, transparent benchmarking tool that offers businesses an opportunity to receive an objective score, on a scale of zero to 100, on their disability inclusion policies and practices. It is an aspirational, educational, recognition tool that is intended to help companies identify opportunities for continued improvement and help build a company’s reputation as an employer of choice.
About Northern Trust Asset Management
Northern Trust Asset Management is a global investment manager that helps investors navigate changing market environments, so they can confidently realize their long-term objectives. Entrusted with more than $900 billion of investor assets, we understand that investing ultimately serves a greater purpose and believe investors should be compensated for the risks they take — in all market environments and any investment strategy. That’s why we combine robust capital markets research, expert portfolio construction and comprehensive risk management to craft innovative and efficient solutions that deliver targeted investment outcomes. As engaged contributors to our communities, we consider it a great privilege to serve our investors and our communities with integrity, respect, and transparency.
Northern Trust Asset Management is composed of Northern Trust Investments, Inc., Northern Trust Global Investments Limited, Northern Trust Fund Managers (Ireland) Limited, Northern Trust Global Investments Japan, K.K., NT Global Advisors, Inc., 50 South Capital Advisors, LLC, 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 a global presence with offices in 20 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2019, Northern Trust had assets under custody/administration of US $11.6 trillion, and assets under management of US $1.2 trillion. For 130 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/terms-and-conditions.