Frank Russell will provide investment management services for high-net-worth individuals via a program being launched by its parent company, Northwestern Mutual, which has applied for regulatory approval to form a trust company.
It also formed a strategic deal with Northern Trust and outsourced trust services, administration and systems support for the new trust company. Through the trust company, insurance agents of Northwestern Mutual will be able to offer estate planning services, including investment management from Frank Russell. Northwestern Mutual and Northern Trust also set up mutual referral services for clients with special trust or insurance needs. The trust company application likely will be approved by the Office of Thrift Supervision in the middle of next year.