Northern Trust Collaborates With Foundation Source to Provide Modern Private Foundation Management Services
Northern Trust has announced a strategic partnership with Foundation Source to enhance its private foundation management services. The collaboration will provide Northern Trust's clients access to Foundation Source's cloud-based charitable giving platform, offering features such as minimum distribution requirement tracking, streamlined grant processing, and comprehensive reporting capabilities.
The partnership integrates technology-enabled professional services supporting charity due diligence and IRS compliance. This collaboration strengthens Northern Trust's position as a premier partner for private foundations, combining expertise with innovative solutions. The initiative follows Northern Trust's recent expansion of its Donor Advised Fund and Private Foundation Administration solutions, with the company managing $450.7 billion in assets as of December 31, 2024.
Northern Trust ha annunciato una partnership strategica con Foundation Source per migliorare i suoi servizi di gestione delle fondazioni private. La collaborazione offrirà ai clienti di Northern Trust l'accesso alla piattaforma di donazioni caritatevoli basata su cloud di Foundation Source, che include funzionalità come il monitoraggio dei requisiti di distribuzione minima, un processo di concessione semplificato e capacità di reporting complete.
La partnership integra servizi professionali abilitati dalla tecnologia a supporto della due diligence caritatevole e della conformità all'IRS. Questa collaborazione rafforza la posizione di Northern Trust come partner di primo piano per le fondazioni private, combinando competenze con soluzioni innovative. L'iniziativa segue l'espansione recente delle soluzioni di Donor Advised Fund e Amministrazione delle Fondazioni Private di Northern Trust, con l'azienda che gestisce 450,7 miliardi di dollari in attivi al 31 dicembre 2024.
Northern Trust ha anunciado una asociación estratégica con Foundation Source para mejorar sus servicios de gestión de fundaciones privadas. La colaboración proporcionará a los clientes de Northern Trust acceso a la plataforma de donaciones benéficas basada en la nube de Foundation Source, que ofrece características como el seguimiento de los requisitos de distribución mínima, un procesamiento de subvenciones simplificado y capacidades de informes completas.
La asociación integra servicios profesionales habilitados por tecnología que apoyan la debida diligencia caritativa y el cumplimiento del IRS. Esta colaboración refuerza la posición de Northern Trust como un socio destacado para fundaciones privadas, combinando experiencia con soluciones innovadoras. La iniciativa sigue a la reciente expansión de las soluciones de Donor Advised Fund y Administración de Fundaciones Privadas de Northern Trust, con la empresa gestionando 450.7 mil millones de dólares en activos al 31 de diciembre de 2024.
노던 트러스트는 파운데이션 소스와 전략적 파트너십을 체결하여 개인 재단 관리 서비스를 강화한다고 발표했습니다. 이 협력은 노던 트러스트의 고객에게 파운데이션 소스의 클라우드 기반 자선 기부 플랫폼에 대한 접근을 제공하며, 최소 분배 요구 사항 추적, 간소화된 보조금 처리 및 포괄적인 보고 기능과 같은 기능을 제공합니다.
이 파트너십은 자선 실사를 지원하고 IRS 준수를 보장하는 기술 기반 전문 서비스를 통합합니다. 이 협력은 노던 트러스트가 개인 재단을 위한 주요 파트너로서의 입지를 강화하며, 전문성과 혁신적인 솔루션을 결합합니다. 이 이니셔티브는 노던 트러스트가 최근에 기부자 권장 기금 및 개인 재단 관리 솔루션을 확장한 후 이루어졌으며, 2024년 12월 31일 기준으로 4,507억 달러의 자산을 관리하고 있습니다.
Northern Trust a annoncé un partenariat stratégique avec Foundation Source pour améliorer ses services de gestion de fondations privées. La collaboration offrira aux clients de Northern Trust un accès à la plateforme de dons caritatifs basée sur le cloud de Foundation Source, offrant des fonctionnalités telles que le suivi des exigences de distribution minimale, un traitement simplifié des subventions et des capacités de reporting complètes.
Le partenariat intègre des services professionnels habilités par la technologie soutenant la diligence raisonnable en matière de charité et la conformité à l'IRS. Cette collaboration renforce la position de Northern Trust en tant que partenaire de premier plan pour les fondations privées, alliant expertise et solutions innovantes. L'initiative suit l'expansion récente des solutions de Donor Advised Fund et d'administration des fondations privées de Northern Trust, l'entreprise gérant 450,7 milliards de dollars d'actifs au 31 décembre 2024.
Northern Trust hat eine strategische Partnerschaft mit Foundation Source angekündigt, um seine Dienstleistungen im Bereich der Verwaltung privater Stiftungen zu verbessern. Die Zusammenarbeit wird den Kunden von Northern Trust Zugang zur cloudbasierten Plattform für wohltätige Spenden von Foundation Source ermöglichen, die Funktionen wie die Verfolgung der Mindestverteilungspflichten, einen optimierten Zuschussprozess und umfassende Berichtsfunktionen bietet.
Die Partnerschaft integriert technologiegestützte professionelle Dienstleistungen, die die ordnungsgemäße Prüfung von Wohltätigkeitsorganisationen und die Einhaltung der IRS-Vorgaben unterstützen. Diese Zusammenarbeit stärkt die Position von Northern Trust als führenden Partner für private Stiftungen, indem Fachwissen mit innovativen Lösungen kombiniert wird. Die Initiative folgt auf die kürzliche Expansion der Lösungen für Donor Advised Funds und die Verwaltung privater Stiftungen von Northern Trust, wobei das Unternehmen zum 31. Dezember 2024 450,7 Milliarden Dollar an Vermögenswerten verwaltet.
- Strategic partnership with Foundation Source enhances service offerings
- Access to advanced cloud-based foundation management platform
- Expansion of charitable giving solutions portfolio
- Substantial AUM of $450.7 billion demonstrates strong market position
- None.
Insights
This strategic partnership marks a significant advancement in Northern Trust's wealth management capabilities, particularly in the highly profitable private foundation segment. The integration of Foundation Source's cloud-based platform addresses several critical market dynamics:
The collaboration strategically positions Northern Trust against competitors in the $450.7 billion wealth management space by offering a comprehensive, technology-driven solution for private foundations. This is particularly valuable as high-net-worth individuals increasingly seek integrated philanthropic services as part of their wealth management strategy.
Key competitive advantages emerge from this partnership:
- Enhanced operational efficiency through automated compliance monitoring and grant processing, reducing administrative overhead and potential regulatory risks
- Improved client experience through streamlined foundation management tools, potentially increasing client retention and referral rates
- Strengthened market positioning in the foundation advisory space, where technology integration has become a key differentiator
The timing of this partnership is particularly strategic, coinciding with the broader digital transformation trend in wealth management. By modernizing their foundation management infrastructure, Northern Trust is better positioned to capture market share in the growing philanthropic sector, where efficient operations and sophisticated reporting capabilities are increasingly demanded by donors and foundations alike.
The integration of Foundation Source's platform represents more than just a technology upgrade - it's a strategic move to enhance Northern Trust's value proposition in the competitive wealth management landscape. This could lead to increased revenue through both client retention and new business acquisition, particularly among tech-savvy next-generation wealth holders who expect modern, digital-first solutions.
Northern Trust is a longstanding, trusted partner for private foundations, helping them fulfill their missions with expert guidance and tailored solutions to navigate financial, regulatory and operational challenges. Northern Trust’s clients will now have access to Foundation Source’s best-in-class foundation management platform that includes tracking for minimum distribution requirements, streamlined grant processing and robust reporting, as well as configurable workflows to support the grant application process and impact measurement. The software will be complemented with technology-enabled professional services from Foundation Source that support due diligence on charities and foundation compliance with IRS regulations.
“Whether you are starting a private foundation or want to better manage your existing operations, our unique model can support all of your grantmaking needs and bring your charitable giving goals to life,” said Darius A. Gill, National Practice Executive for Foundation & Institutional Advisors (FIA) at Northern Trust. “With the integration of Foundation Source’s platform, Northern Trust is reinforcing its legacy as a premier partner for private foundations – one that combines deep expertise with innovative solutions that can have a huge impact on clients as they grow.”
“We are delighted to collaborate with Northern Trust to support their private foundation relationships with our enterprise technology and services. We are wholly focused on advancing digital transformation within the philanthropic space to deliver critical efficiencies and expertise that help drive social impact,” said Joseph Mrak III, CEO of Foundation Source. “Philanthropy is an important dimension of holistic wealth management and the Northern Trust offering empowers advisors to work closely with clients to achieve better outcomes with their charitable capital.”
The partnership with Foundation Source builds on other recent moves by Northern Trust to accelerate the growth of its Donor Advised Fund and Private Foundation Administration solutions. In October 2024, Srilatha Lakkaraju joined as Director of Charitable Giving Solutions within the FIA practice, which provides investment advice, asset servicing and related services to nonprofit organizations.
Northern Trust Wealth Management offers holistic wealth management services for affluent individuals and families, family offices, foundations and endowments, and privately held businesses. It is recognized for its innovative technology, service excellence and depth of expertise, with
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
Northern Trust Corporation, Head Office: 50 South La Salle Street,
About Foundation Source
Foundation Source is the leading provider of enterprise-caliber and technology-led charitable giving solutions. At the forefront of PhilTech, Foundation Source is the partner of choice for flexible software and services that offer end-to-end support for private foundations, donor-advised funds and planned giving. We offer a range of purpose-built, cloud-based platforms that facilitate all stages of giving and a configurable suite of administrative, compliance, tax, and philanthropic advisory services for donors, nonprofits and charities, and professional advisors, including RIAs and financial institutions serving wealth management and private banking clients.
With 65 years of combined experience, Foundation Source empowers people and companies to create a better world through philanthropy. We support more than 4,000 charitable organizations, administer more than
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Media Contact:
Landis Cullen
312-444-3188
landis.cullen@ntrs.com
http://www.northerntrust.com
Source: Northern Trust Corporation
FAQ
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