Pew Trust To Separate From Parent Company

“The Pew Charitable Trusts, one of the nation’s largest foundations, is taking steps to separate itself from Glenmede Trust Co., the money-management firm created in 1956 to administer the Pew family’s fortune and its charities.” The move is largely a financial decision, allowing the Pew to become a full-fledged non-profit corporation, creating a significant tax savings. Glenmede would continue to administer the Pew’s multiple trusts, but would no longer employ the Pew’s staff.