Northern Trust Renews Partnership with Wharton Global Family Alliance
Three-year extension to include collaborative research on multi-generational families and their businesses
Northern Trust, a leading provider of wealth management services, announced a renewed three-year collaboration between its Global Family and Private Investment Offices Group and the Wharton Global Family Alliance (Wharton GFA), a world-leading research forum created by the Wharton School and the CCC Alliance.
The Wharton GFA helps global multigenerational families and their businesses address their complex needs through thought leadership, knowledge transfer, and sharing of ideas and best practices. The Wharton GFA focuses its rigorous empirical and field research on key issues affecting global families and their businesses, including family business management and governance, wealth management, and philanthropy.
“We are delighted to continue this mutually beneficial working relationship with the Wharton GFA, which supports ongoing research, scholarship, publications, and other initiatives,” said Steven Fradkin, President of Northern Trust Wealth Management. “Our 130-plus years of holistic wealth management experience serving family offices, family foundations, high-net-worth individuals, and private trust and investment companies in more than 25 countries is a natural complement to Wharton GFA’s continued research and knowledge-sharing with substantial global families.”
Since 2017, Northern Trust and Wharton have collaborated in research programs covering multi-generational, multi-branch families and their businesses. Under the renewed partnership, both Wharton and Northern Trust remain focused on sharing family office best practices and engaging in further study on key family office themes, issues, and trends.
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“We are proud to remain aligned with the leading institution for the creation and dissemination of knowledge and practices of multi-generational families and their businesses,” said David W. Fox Jr., President of Northern Trust’s Global Family and Private Investment Office Services. “Family firms have the means and potential to make a crucial impact on the worldwide economy. Northern Trust’s insight into the wealth management, wealth transfer, banking, philanthropy, and governance needs of ultra-high net worth families and the family offices serving them will continue to supplement valuable research and interactive initiatives provided by the Wharton GFA.”
“The collaboration between Northern Trust and the Wharton Global Family Alliance propels the research, practices, and thought leadership around the family businesses that are so essential to our global economy,” said Wharton Dean Erika James. “We are tremendously grateful for the generosity of Northern Trust to expand upon this partnership and advance this crucial work.”
“I am delighted by the continuation of the partnership with Northern Trust. Our collaboration enables both of our organizations to address in a holistic and effective way key issues in wealth management that substantial multi-generational families around the world are faced with,” said Professor Raphael (“Raffi”) Amit, who co-founded and heads the Wharton GFA.