Lakepoint Investment Partners co-owners Mary Lynn Laughlin and Douglas Wang, as well as Joe Thomas will join Northern Trust as senior vice presidents based in Cleveland. Lakepoint’s clients and staff will be fully integrated into Northern Trust, according to the announcement.
“We are delighted to announce a significant expansion of our presence in Cleveland with the acquisition of one of the city’s most-respected investment firms,” said Frederick H. Waddell, Northern Trust’s president and chief executive officer, in the announcement.
Lakepoint Investment Partners has $586 million in assets under management and invests predominately in large capitalization growth stocks and investment-grade fixed income securities to develop custom portfolios that balance clients’ needs for growth, preservation of capital and income.
The acquisition is expected to close September 30, 2008, subject to regulatory approvals and other customary closing conditions.