Northern Trust's assets up 4% in quarter, 7% for year

Northern Trust Corp.'s assets under management totaled $945.8 billion as of Sept. 30, up 4% from three months earlier and up 7% from a year earlier, the company reported Wednesday in its earnings release.

Corporate and institutional assets under management of $703.6 billion were up 5% from June 30 and up 6% from Sept. 30, 2015.

Assets under custody of $6.707 trillion as of Sept. 30 were up 6% from three months earlier and up 13% from a year earlier.

Investment management fees of $94.4 billion in the quarter ended Sept. 30 were flat from the previous quarter and up 14% from the year-over-year quarter.

Northern Trust does not report net inflows or outflows, but in its earnings statement the company attributed higher fees in investment management in part to lower money market mutual fund fee waivers.

Custody and fund administration fees of $299.4 billion in the third quarter were both up 2% from the first quarter and also from the third quarter of 2015.

The company reported total revenue of $1.221 billion in the quarter ended Sept. 30, down 8% from the previous quarter but up 5% from the year-earlier quarter.

Net income of $257.6 million in the third quarter was down 2% from the second quarter but up 10% from the year-over-year quarter.