Firms and Banks
Firms and banks are the most traditional investment option. They manage assets themselves or, in some cases, through the use of external managers or mutual funds for certain asset classes. Working with firms and banks provides a fund with a consistent, specific investment style, such as growth or value orientation. Firms and banks also typically pool individual donor funds to provide greater administrative efficiencies and lower costs.
Managers at firms and banks invest fund assets in individual securities, mutual funds, or a mix of both. Because of the diversification of investments they offer, firms and banks provide a balanced investment approach through the use of specialized managers and multiple investment products in a given asset class.
The Cleveland Foundation’s Investment Committee, in partnership with investment consultants and foundation staff, determines the asset allocation strategy, which is then communicated to the investment managers at the firms and banks. The Investment Committee regularly monitors the performance of the managers to ensure that they are continuing to meet the foundation’s investment standards.
The Cleveland Foundation’s board of directors has appointed a number of firms and banks whose investment strategy is consistent with that of its Investment Committee. These include:
- Alliance Bernstein
- BDS Financial Services
- Carnegie Capital
- Cedar Brook Financial Partners
- Fairport Asset Management
- First Merit Bank
- Glenmede Trust Co.
- Gries Financial
- Huntington National Bank
- JPMorgan Chase Bank
- Key Bank
- Lakepoint Investment Partners
- Mellon Private Trust Company
- Merrill Lynch
- National City Bank
- Northern Trust Bank
- Private Trust Co.
- UBS Financial Services
- US Bank