Northwestern Mutual’s application for a limited purpose federal thrift charter has been approved by the Office of Thrift Supervision. The charter will enable the company to form Northwestern Mutual Trust Company, which is expected to be operational in January, 2001.
Northwestern Mutual Trust will offer a full range of personal trust products and services, as well as investment management services, according to James D. Ericson, Northwestern Mutual’s chairman and CEO.
“The estate market is a rapidly growing segment of our business,” Ericson said. “Our policyowners have been asking us to provide trust services and Northwestern Mutual Trust will increase our financial representatives’ ability to bring clients the full range of financial products and services they have been calling for,” Ericson said.
Northwestern Mutual acquired the Tacoma-based Russell on January 1, 1999. Russell is an international investment management firms known for its Multi-Asset, Multi-Style, Multi-Manager(TM) approach. Russell has $63 billion in assets under management and provides investment advisory services on additional assets of more than $1 trillion worldwide.
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