Northern Trust has formalized a Lesbian, Gay, Bisexual, Transgender (LGBT) and Non-Traditional Family Practice, the firm announced Tuesday. 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 U.S. McGowan previously 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 in the statement. “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 previously served as a private banker to successful families and individuals.
In its statement, Northern Trust said it had a longstanding commitment to the LGBT community, for example by 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. The firm began offering domestic partnership benefits to employees more than 13 years ago, the statement said.
Northern Trust Corp., 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 Sept. 30, Northern Trust had assets under custody of $3.9 trillion, and assets under investment management of $657.2 billion.