Northern Trust Corp.'s assets under management totaled $942.4 billion as of Dec. 31, flat from the three months ago, but up 8% from the Dec. 31, 2015, the company reported Wednesday in its earnings release.
Corporate and institutional assets under management of $694 billion were down 1% from Sept. 30 quarter up 7% from a year earlier.
Northern Trust reported $6.72 trillion in assets under custody as of Dec. 31, flat from three months earlier but up 11% from Dec. 31, 2015.
Northern Trust does not report net flows. However, it did say in its earning statement that “higher markets and our continued success in winning new business” resulted in assets under custody and management ending the year up 11% and 8%, respectively.
Investment management fees of $94.1 million in the quarter ended Dec. 31 were flat from the previous quarter and up 10% from the year-over-year quarter.
Custody and fund administration fees of $303.1 million in the fourth quarter were up 1% from the third quarter and up 6% from the quarter ended Dec. 31, 2015.
Northern Trust reported total revenue of $1.246 billion in the quarter, up 2% from the previous quarter and up 7% from the year-earlier quarter.
Net income of $266.5 million in the Dec. 31 quarter was up 3% from the third quarter and up 11% from the year-over-year quarter.