Grosse Pointe War Memorial Association, Grosse Pointe Farms, Mich., hired Northern Trust as investment manager for its roughly $11 million endowment, said Charles Burke, the association's president and CEO.
An RFP was issued in the third quarter of 2016 for due diligence purposes, Mr. Burke said. Northern Trust replaces incumbent manager Cleary Gull Advisors, which was acquired by Johnson Financial Group in 2016.
Northern Trust will help the association develop new investment and spending policies for its endowment and will have discretion to manage assets within those new policies.
