First Interstate Bank of Billings, Mont., has arranged for Foundation Source of Fairfield, Conn., to provide private foundation services to its customers.
The $4.2 billion-asset bank, which has 53 branches throughout Montana and Wyoming, offers portfolio management for charitable trusts and other philanthropic institutions but not private foundations.
Clients that have private foundations or want to start them will now have access to Foundation Source's technology and support services for administration and compliance monitoring, the bank said Tuesday.
The Connecticut firm provides services to more than 325 private foundations with over $1 billion of assets under administration, the bank said. It said the firm works in partnership with leading law firms and over 60 financial institutions, including Atlantic Trust, Bear Stearns, City National Bank, JPMorgan Chase, Mercantile Bank and Trust of Boston, TD Waterhouse, and Wilmington Trust.
