Northern Trust, a Chicago-based financial services company, has set up a formal practice catering to the needs of LGBT clients and other nontraditional families.
"Northern Trust recognizes the definition of family has evolved," the new practice's leader, John McGowan, said in a press release. LGBT people, he noted, have "unique legal, tax, and wealth transfer challenges." While Northern Trust has provided services tailored to this market for some time, the new group will broaden the effort, he added.
The company has offices in 18 states and 16 overseas locations. It has a history of supporting gay causes; it was involved in the building campaign for the Center on Halsted -- Chicago's LGBT community center -- and is a national sponsor of Lambda Legal. It began offering domestic-partner benefits to employees 13 years ago, making it one of the first financial services providers to do so.
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