Grand Haven (Mich.) Area Community Foundation hired Northern Trust to provide outsourced CIO services for the $120 million foundation, said Holly Johnson, foundation president.
The assets were transferred to Northern Trust's foundation and institutional advisers group in early January after a nine-month search. The RFP was initially issued in April because the foundation was looking to become more involved in mission-related investing and socially responsible investment strategies. The foundation selected Northern Trust because the firm specializes in this investing, Ms. Johnson said.
Although Ms. Johnson declined to disclose the foundation's incumbent OCIO, she confirmed that they rebid.