Northern Trust announced that it has allocated $70 million to the Northern Trust Foundation, which supports non-profit organizations focused on fundamental needs and broadening opportunities.
Northern Trust's global philanthropic strategy focuses on broadening opportunities for financial success via four areas of need: accessible healthcare, affordable housing, quality education and food security. Northern Trust donated more than $170 million over the past decade to non-profit organizations, including nearly $16 million in 2023, providing more than 4 million meals, 222,000 nights of safe shelter, and educational assistance to 26,000 students last year.
In Northern Trust’s headquarters city of Chicago, the strategy aims to support youth on the South and West sides at a pivotal stage of life -- 16 to 24 years old. Northern Trust’s philanthropic efforts in Chicago are accomplished via the Northern Trust Foundation.
“We are pleased to be in a position to make a significant and lasting contribution to the Northern Trust Foundation,” Chairman and Chief Executive Officer Michael O’Grady said. “Since our company was founded 135 years ago, Northern Trust has been committed to creating better financial futures for the communities where we live and work. This funding is another example of our ongoing commitment."
The donation to the Foundation is related to Northern Trust realizing a gain on its Visa Inc. common stock holding, a position held since Visa’s initial public offering in 2008. Visa’s exchange offering is described on Northern Trust’s second quarter 2024 earnings call on July 17, 2024.
“By strengthening our Foundation, we are setting the stage to bolster our philanthropic efforts worldwide,” said Shana Hayes, Northern Trust Chief Social Impact Officer.
Northern Trust has a long history of groundbreaking philanthropic support. In 1893, Northern Trust founder Byron L. Smith seeded a relief fund for victims of a devastating fire that broke out at the World's Fair. Since then, Northern Trust's charitable footprint has helped establish Chicago's nonprofit pillars such as The Art Institute, Field Museum, United Way of Metro Chicago, Metropolitan Family Services, Braven and Kids First Chicago.
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 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2024, Northern Trust had assets under custody/administration of US$16.6 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.
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.
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Contacts
Doug Holt
(312) 557-1571
Dh124@ntrs.com
