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Trust License Positions Northwestern for Wealth Market

Northwestern Mutual Life Insurance Company of Milwaukee, Wis. has been given permission by the Treasury Department's Office of Thrift Supervision to establish a trust company that will offer trust services and investment management services to wealthy clients, the company announced.

The new unit will be named the Northwestern Mutual Trust Company and is expected to begin operations in 2001. P. Edwin Glass, previously managing director of the personal trust unit with First Union National Bank in Charlotte, N.C., will become president and CEO of the new company.

Northwestern said that it wants to take advantage of the transfer of $10 trillion in wealth from Baby Boomers to the next generation.