Wintrust to buy Northern Trust guardianship unit with $1.2B AUM

Northern Trust Corporation (NASDAQ: NTRS) and Wintrust Financial Corporation (NASDAQ: WTFC) announced that Wintrust Private Trust Company, N.A., has agreed to purchase the guardianship services business of Northern Trust, with the transaction expected to close later this year. Financial terms were not disclosed.

The guardianship services business holds approximately $1.2 billion in assets under management. The unit serves individuals who are legally unable to manage their own affairs due to disability, age, or incapacity, with a corporate fiduciary appointed by courts to oversee financial and investment decisions on their behalf.

Northern Trust's guardianship team is expected to transfer to Wintrust upon completion of the transaction.

"We believe Wintrust is well positioned to continue serving these clients with the focused attention this important business requires," said Jason Tyler, President of Northern Trust Wealth Management.

Mary Ann Korenic, Chief Executive Officer of Wintrust Private Trust Company, said the deal would expand Wintrust's guardianship business in Chicago and surrounding counties.

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