Northern Trust Corp. has introduced five reporting templates that can be used by U.S. public pension funds and other institutions to keep track of their use of firms owned by minority group members and women to execute trades.
Regulatory and legislative mandates have increasingly required U.S. public entities to send a portion of their outsourced activities to designated minority-owned firms.
The reporting templates, introduced Monday, are intended to let plan sponsors view data aggregated across multiple investment managers, thus improving their ability to identify the total portion of the fund's trading activity that is executed by firms owned by minorities and women.
Northern Trust has engaged CVM Inc., a minority-owned firm and established leader in minority business sourcing, to collect and provide minority-owned classification information from about 300 certification sources nationwide.
The Chicago banking company had $4 trillion of assets under custody and $778.6 billion under management at March 31.
