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Money Management

Northern Trust AUM up 3% in quarter, up 14% for year

Northern Trust Corp.'s assets under management totaled $1.029 trillion as of June 30, up 3% from three months earlier and up 14% from a year earlier, the company reported Wednesday in its earnings release.

Corporate and institutional assets under management of $762.7 billion were up 3% from March 31 and up 13% from a year earlier.

Northern Trust reported $7.38 trillion in assets under custody as of June 30, up 4% from three months earlier and up 16% from 12 months earlier.

Northern Trust does not report net inflows.

Investment management fees of $99.3 million in the quarter ended June 30 were up 6% from the previous quarter and up 5% from the year-over-year quarter. Custody and fund administration fees of $327.5 million in the second quarter were up 7% from the first quarter and up 12% from the second quarter of 2016.

Northern Trust reported total revenue of $1.33 billion in the quarter, up 3% from the previous quarter and flat from the year-earlier quarter. Net income of $267.9 million as of June 30 was down 3% from the previous quarter and up 2% from the year-over-year quarter.