Northern Trust Billionaire's Club eyes growth
Northern Trust, the US wealth manager, has enjoyed a successful first year of its "Billionaire Club" - a global wealth alliance aimed at bringing its ultra-high net worth clients together.
The Billionaire's Club meets roughly every six months in the US.
Around 25 representatives of Northern Trust's wealthiest clients, and sometimes the clients themselves, meet over two days to discuss investment strategies and other issues that might concern them.
Doug Regan, head of the global wealth management group in Chicago, chairs the meeting.
Aïda Molineux, head of wealth management for Europe, Middle East and Africa at the bank, said the next meeting will take place early next year in California, in conjunction with Northern Trust Open, the Los Angeles-based PGA golf competition, which Northern Trust sponsors.
She said that the group came about through a number of requests Northern Trust received from its super-rich clients and the executives of family offices. Many agreed that their needs differed from the majority of clients, and it would be useful to exchange information with other clients of the same level.
Molineux added that about half of the wealth manager's fifty-odd UHNW clients currently attend the meetings, and she hopes more will join in future.
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