Northern Trust is to launch a lesbian, gay,
bisexual, transgender (LGBT) and non-traditional family practice
throughout the US.

The bank said the unit will provide fiduciary
and wealth management services to meet the unique needs of LGBT
individuals and non-traditional families.

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The practice will be led by John McGowan,
ex-senior relationship manager for Northern Trust’s wealth
management group, who will be responsible for implementing the LGBT
programme throughout US markets.

McGowan has 24 years of industry experience, with previous focus
on ultra high net worth families and their family offices.

McGowan said the bank recognises that the definition of family
has evolved and there was a market opportunity to expand in the
LGBT sector.

“We have been helping LGBT clients develop wealth management
strategies for decades and have the experience to deal with unique
legal, tax and wealth transfer challenges,” said McGowan.

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