Northern Trust has beebn appointed custodian by The Weingart Foundation for $700 million in Foundation assets. Northern Trust will also provide the Foundation with securities lending services.
Originally formed by Ben Weingart and his wife, Stella, in 1951, The Weingart Foundation is a charity for the homeless, the destitute and other people in need.
The Foundation, one of the major private foundations in the United States, focuses its grant making on programmes that focus on Southern California, including social services, education, and community programmes.
“We are very pleased to have been selected by The Weingart Foundation to serve as their custodian and provide securities lending services,” says Louisa Taylor, Senior Vice President, Northern Trust. “We are looking forward to building a strong and lasting relationship with the Foundation.”