American asset manager Northern Trust has launched a research centre, which will focus on advising clients on various family wealth issues.

Dubbed The Northern Trust Institute, the new facility will be the advice engine behind each adviser, researching and generating actionable insights based on data and analytics.

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The advisers will assess data to establish behavioural patterns and historical outcomes to offer insights.

The new institute will focus on four client segments including multigenerational families, executives and retirees, business owners, as well as unexpectedly single clients such as a divorcee or one who has lost a spouse.

It will include 175 faculty and directors across over 34 areas of expertise.

These areas are investment management, advisory, fiduciary, banking, family education and governance, philanthropy, tax strategy, business advisory, cyber security and divorce, among others.

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Northern Trust president of Wealth Management Steven Fradkin said: “Wealth accumulation is generally accompanied by a variety of planning, financial and familial complexities. These complexities, combined with the unprecedented pace of change, create an urgent need for advice that is grounded in data and backed by proven credibility.

“The Northern Trust Institute harnesses experience gleaned over 130 years of service to many of the most affluent families in the world and the unmatched expertise of our skilled advisers to help clients address their most complex challenges as they build and optimise their wealth.”

Developments at Northern Trust

Earlier this month, Northern Trust launched Datum One Series Trust to support asset managers’ distribution and investment goals.

Last month, the asset manager entered into a strategic partnership with BlackRock to offer enhanced operations, data, and servicing capabilities to mutual clients.

This January, Northern Trust introduced a series of sustainable quantitative solutions.