Northern Trust Bank, FSB has acquired Lakepoint Investment Partners LLC of Cleveland, Ohio, an investment management firm serving individual investors, corporations, pension and retirement programs, and foundations and endowments.

Lakepoint Investment Partners co-owners are EA Master Mary Lynn Laughlin and Douglas Wang, who have joined Northern Trust as senior vice presidents in Cleveland.

“We are delighted to announce a significant expansion of our presence in Cleveland with the acquisition of one of the city’s most-respected investment firms.  Lakepoint Investment Partners is highly regarded and an excellent fit with Northern Trust because of its strong commitment to excellence in execution with an emphasis on building trusted relationships with clients,” said Frederick H. Waddell, Northern Trust’s president and chief executive officer.

“Mary Lynn and Doug have built a thriving business with loyal clients through their dedication to personalized portfolio management, with solid long-term investment performance and exceptional service,” said Michael Cogan, Northern Trust president and CEO of Ohio. “Their expertise in creating high-quality and tax-efficient portfolios complements our asset management philosophy.  And, our partnership will provide expanded investment resources to Lakepoint’s clients and allow them to take advantage of Northern Trust’s banking services and trust capabilities.”

“Northern Trust is a premier wealth management firm and a terrific fit for our clients,” said Mary Lynn. “We are thrilled to join a firm with global asset management and asset servicing capabilities that has a 119-year heritage of financial strength, stability and unparalleled client service. Northern Trust has the expertise and array of products to meet our clients’ complex needs, now and in the future.”

With $586 million under management, Lakepoint Investment Partners invests predominately in large capitalization growth stocks and investment-grade fixed income securities to develop custom portfolios that balance clients’ needs for growth, preservation of capital and income.