Northern Trust Corp. of Chicago announced that it has agreed to buy Lakepoint Investment Partners LLC, a Cleveland company that serves individual investors, corporations, pension and retirement programs, and foundations and endowments.

Lakepoint had $586 million of assets under management on March 31. It invests primarily in large-cap growth stocks and investment grade fixed-income securities to create custom asset management portfolios for its clients.

The deal, announced Thursday, is subject to regulatory approvals and other customary closing conditions. It is expected to close Sept. 30.

Northern Trust did not say how much it would pay.

Lakepoint's co-owners, Mary Lynn Laughlin and Douglas Wang, would join Northern Trust as senior vice presidents in Cleveland. Northern Trust said it would retain Lakepoint's staff after the purchase.

Northern Trust has $4 trillion of assets under custody, including $778.6 billion under management.

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