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Northern Trust reports 6% boost in AUM in quarter, up 11% for the year

Northern Trust Corp.'s assets under management totaled $1.001 trillion as of March 31, up 6% from three months earlier and up 11% from March 31, 2016, the company reported Tuesday in its earnings release.

Corporate and institutional assets under management of $741.1 billion were up 7% from Dec. 31 and up 11% from a year earlier.

Northern Trust reported $7.107 trillion in assets under custody as of March 31, up 6% from three months earlier and up 14% from March 31, 2016.

Northern Trust does not report net flows. However, it did say in its earning statement that the increases in assets under management and assets under custody were “driven by higher markets and our continued success in winning new business.”

Investment management fees of $93.5 million in the quarter ended March 31 were down 1% from the previous quarter but up 5% from the year-over-year quarter.

Custody and fund administration fees of $307.5 million in the first quarter were up 1% from the fourth quarter of 2016 and up 7% from the quarter ended March, 31, 2016.

Northern Trust reported total revenue of $1.293 billion in the quarter, up 4% from the previous quarter and up 8% from the year-earlier quarter.

Net income of $276.1 million as of March 31 was up 4% from the previous quarter and up 13% from the year-earlier quarter.

Frederick H. Waddell, Northern Trust's chairman and CEO, said in the earnings release the company used “its strong capital position to pursue our strategic initiatives.”

“One recent example is our agreement to acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland, which will broaden our scale, products and market reach across Europe,” he added.

The company made that announcement on Feb. 20. Terms of the deal were not disclosed.