Northern Trust announced today that it has been selected to provide Outsourced Chief Investment Officer (OCIO) services for Medica Foundation, based in Minneapolis, Minnesota. Northern Trust's Foundation and Institutional Advisors team, which provides OCIO services for mid-sized nonprofit organizations, will manage approximately $25 million for the foundation.
The Medica Foundation is a non-profit, charitable grant-making foundation affiliated with Medica Health Plans, a Minnesota-based non-profit health maintenance organization, or HMO. Medica provides funding to organizations within its service areas in Minnesota, Wisconsin, North Dakota and South Dakota.
"We are privileged and proud to serve Medica Foundation on behalf of its board of directors and the community at large," said James H. Field, CFA, who oversees Northern Trust in Minnesota. "We look forward to helping manage the Foundation's assets as its outsourced chief investment officer."
As an OCIO, Northern Trust provides investment advice, asset servicing and other related services to help non-profit organizations cost-effectively achieve their financial and philanthropic goals. Northern Trust collaborates with board and investment committee members to assist with governance and investment oversight duties.
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 18 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2013, Northern Trust had assets under custody of US$5.2 trillion, and assets under investment management of US$846.2 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 or follow us on Twitter @NorthernTrust.
About Medica Foundation
The Medica Foundation's mission is to fund community-based initiatives and programs that support the needs of Medica's customers and the greater community by improving their health and removing barriers to health care services. The Medica Foundation is honored to support activities that serve as incubators for ideas, catalysts for systemic change, and bridges to greater insight, information and understanding. The Foundation provides seed money for community-based programs that address the underlying causes and factors inhibiting optimal health.
For more information about Northern Trust's OCIO capabilities, call or email Dave Cyganiak: 312-444-7310, David_Cyganiak@ntrs.com
For more information on the Medica Foundation and its directors, visit www.medicafoundation.com or call 952-992-2060.