The new practice will provide fiduciary and wealth management services to help meet the unique needs of LGBT individuals and non-traditional families.
John McGowan has been named the national practice leader responsible for implementing the program in markets throughout the United States. McGowan has more than 24 years of industry experience. Previously, he served as a senior relationship manager in Northern Trust's Wealth Management Group, a specialized unit focused on addressing the complex financial needs of ultra high-net worth families and their family offices.
"Northern Trust recognizes the definition of family has evolved," McGowan said. "We have been helping LGBT clients develop wealth management strategies for decades and have the experience to deal with unique legal, tax and wealth transfer challenges. The creation of this group will help ensure our strategic focus will be executed more broadly across our network."
Mark Braun has been named the national practice liaison focused on building relationships with LGBT individuals and families, community organizations, and other advisors to ensure Northern Trust's services and support are being delivered to the greatest benefit to clients. Braun had previously served as a private banker to successful families and individuals.
Northern Trust has a longstanding commitment to the LGBT community. Over the years, the company has supported important LGBT initiatives, such as contributing generously to the building campaign for Center on Halsted, the Midwest's premier LGBT community center, and by becoming a national sponsor of Lambda Legal, the national organization devoted to bringing legal equality to LGBT people. Northern Trust was also one of the first financial services companies to begin offering domestic partnership benefits to employees more than 13 years ago.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2010, Northern Trust had assets under custody of US$3.9 trillion, and assets under investment management of US$657.2 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com.