Northern Trust announced today that its Foundation and Institutional Advisors group (FIA) has been selected by the Healthcare Foundation of La Porte, Ind. to provide it with investment and other fiduciary related services aligned with its specific needs. The $140 million foundation is dedicated to empowering residents from in and around La Porte to live healthy and well, with a goal of the area becoming one of Indiana’s top 10 healthiest communities by 2030.
The foundation was established in March of 2016 as part of the sale of IU Health La Porte Hospital to Community Health Systems. Proceeds from the sale will support health and wellness for the community through the newly formed foundation.
A separate $9 million from La Porte Hospital Foundation (the philanthropic and fundraising arm of the hospital since 1978) will be blended into the Healthcare Foundation of La Porte this month. Drummond Osborn, investment committee chair of the Healthcare Foundation, and former board member of the La Porte Hospital Foundation, said, “We realized that the greater size and scope of the new Healthcare Foundation would require outside expertise in discretionary investment management and other services. Our high level of confidence in Northern Trust’s investment management skills, along with their expertise in other valuable services such as impact investing, philanthropic advice, and planned giving were key factors in our decision to hire them. And, most importantly, in their role as our Outsourced Chief Investment Officer, we believe that their holistic and consultative approach will best help us to empower our residents to live healthy and well.”
“We greatly appreciate the opportunity to expand the services that we provide to the residents in and around La Porte, and applaud the Healthcare Foundation for establishing itself as a nonprofit entity to better the lives of its community,” said Darius A. Gill, National Practice Executive of Northern Trust’s FIA practice group.
Foundation and Institutional Advisors serves nonprofit organizations through sophisticated investment management solutions, strategic insights and world-class resources. Northern Trust provides investment advice, asset servicing and related services to help nonprofit organizations achieve financial and philanthropic goals cost-effectively, collaborating with board and investment committee members to assist with investment oversight. More information about Northern Trust Foundation and Institutional Advisors can be found at www.northerntrust.com/FIA.