Northern Trust Asset Management is seeking requests for information from minority-owned broker-dealers, as well as those owned by women, veterans and people with disabilities, to provide trade execution services.
Last year, the asset manager increased from 10% to 15% its diversity target for all equity security trading commissions regarding its common and collective funds. Last year, it topped its target, to 18%, the firm said in a release.
In addition to considering ownership structure, Northern Trust evaluates broker-dealers on requirements for execution, technology, compliance and performance. It expects to announce the selected broker-dealers in the fourth quarter.
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