Northern Trust has selected 16 minority-owned broker-dealers to its Minority Brokerage Program, the organization said in a new press release.
According to Northern Trust, each firm was selected for one or more asset classes, based on quantitative and qualitative selection criteria, including execution capabilities, technology platforms and performance. The selection is an increase from 11 partners chosen in 2019.
“We at NTAM [Northern Trust Asset Management] take very seriously and are very proud of our long-standing commitment to advancing diversity, equity and inclusion (DE&I),” Northern Trust Asset Management Chief Investment Officer Angelo Manioudakis said. “To that end, we are delighted to be expanding our partnership with firms owned by minorities, women, and disabled veterans.”
The news comes as more organizations place focus on diversity and inclusion strategies in their partnerships, programs and retirement plans—a response to widened wealth and income gaps brought on by the COVID-19 pandemic. In April 2022, Principal Financial Group announced it would launch a Global Financial Inclusion Index in collaboration with the Centre of Economics and Business Research, centered on analyzing how systems promote inclusion, and whether participants feel confident in their financial security.
Started in 2007, the NTAM Minority Brokerage Program consists of firms owned by minorities, women, and disabled veterans. Participating brokerage dealers are also utilized by Northern Trust Securities, Inc., NTAM’s brokerage affiliate, whose growing use of the program led to the increase in firms selected.
The firms were selected by a group of Northern Trust partners from 28 brokerage dealers who responded to a request for information. This is the seventh time that Northern Trust Asset Management has gone through this process since the program’s inception.
“We look forward to working with both the new and returning member firms of our Minority Brokerage Program,” Manioudakis continued. “The application and selection process are quite rigorous, so we have complete confidence that chosen firms will provide the high level of service for which clients have been turning to NTAM for decades.”
The 16 firms selected for 2022 are:
- Academy Securities, Inc.
- AmeriVet Securities, Inc.
- C. L. King & Associates, Inc.
- Cabrera Capital Markets LLC
- CastleOak Securities LP
- Guzman & Company
- Loop Capital Markets
- Mischler Financial Group, Inc.
- North South Capital
- Penserra Securities, LLC
- R. Seelaus & Co., LLC
- Rice Securities, LLC
- Roberts & Ryan Investments
- Samuel A. Ramirez & Co
- Siebert Williams Shank & Co., LLC
- Tigress Financial Partners
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
