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Deals & People June 26, 2008
Northern Trust Strengthens Ohio Presence with Acquisition
Northern Trust Bank, FSB, will acquire Lakepoint Investment Partners LLC of Cleveland, Ohio, an investment management firm.
Reported by Rebecca Moore
Lakepoint serves individual investors, corporations, pension and retirement programs, and foundations and endowments. Co-owners Mary Lynn Laughlin and Douglas Wang, as well as Joe Thomas will join Northern Trust as senior vice presidents based in Cleveland. Lakepoint’s clients and staff will be fully integrated into Northern Trust, the company said.
Lakepoint Investment Partners has $586 million in assets under management and invests predominately in large capitalization growth stocks and investment-grade fixed-income securities to develop custom portfolios that balance clients’ needs for growth, preservation of capital, and income.
The acquisition is expected to close September 30, subject to regulatory approvals and other customary closing conditions.