Chicago-headquartered Northern Trust is acquiring Lakepoint Investment Partners of Cleveland, Ohio, an investment management firm with a client base of individual investors, corporations, pension and retirement programmes and foundations and endowments.

Lakepoint co-owners Mary Lynn Laughlin and Douglas Wang will join Northern Trust as senior vice presidents in

Cleveland. The firm’s clients and staff will be integrated into Northern Trust.

With $586 million under management, Lakepoint invests predominately in large capitalisation growth stocks and investment-grade fixed income securities to balance growth, preservation of capital and income.