Foundation creates Fifth Third Investment Pool
Posted on July 8, 2013
The Community Foundation of St. Clair County has announced a new multi-million dollar private foundation conversion that has lead to the creation of a new Fifth Third Investment Pool at the Foundation.
According to Donna Niester, Board Chair of the Foundation, the recent conversion of four private foundations into donor advised funds under the umbrella of the Community Foundation pushes the Foundation’s total assets to more than $40 million.
“We’ve been working with these donors for quite some time to help them plan the future of their philanthropic goals,” said Niester. “Those goals included converting several million dollars in assets of four private foundations into new donor advised funds.” For now the Foundation is keeping the names of the donors anonymous.
The Foundation also accepted the request of the donors to maintain their previous wealth management relationship with Fifth Third Private Bank. In doing so, the Foundation has opened a new Fifth Third Investment Pool as another option for donors in St. Clair County.
The Foundation’s primary investment pool is managed by a Finance Committee of St. Clair County residents, using Asset Strategies of Auburn Hills as their investment consultant and advisor.
“We believe in helping donors achieve their charitable goals,” added Niester, “and that includes giving donors investment options like we have now through our new Fifth Third Investment Pool.”
Fifth Third Private Bank is an exclusive part of the bank where the best resources are brought to bear for its most affluent clients. Highly credentialed teams of specialists offer wealth planning, investment management, private banking, risk management and trust services. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2013, had $318 billion in assets under care, of which it managed $27 billion for individuals, corporations and not-for-profit organizations.
Vito Gioia, vice president and wealth management advisor for Fifth Third Private Bank said, “Our wealth management group looks beyond just dollars and cents. We get to know our clients’ goals through a holistic process. We attribute our long history of client success to this practice, which is much like the Community Foundation of St. Clair County does for its donors. This is going to be a great partnership!”
The Community Foundation of St. Clair County is the largest grant-making foundation in Michigan’s Thumb Region. In addition to managing more than 150 endowment funds totaling over $40 million in assets, the Foundation owns the Blue Water River Walk, Studio 1219 and a residence for homeless teens. In 2014 the foundation will celebrate its 70th anniversary.
