Northern Trust Corp. on Wednesday reported $644.2 billion in assets under management as of Sept. 30, a 5.8% drop from the previous quarter and 2% lower than the previous year
Institutional assets under management totaled $481 billion as of Sept. 30, a 6% drop from the previous quarter's total, and down 5% from the year-earlier quarter, according to Michael G. O'Grady, executive vice president and CFO, in a conference call Wednesday.
“The (quarterly) decline is due primarily to lower equity market values as well as a 6% decline in securities lending collateral,” Mr. O'Grady said.
Securities lending fees totaled $20.7 million in the third quarter, down from $30.9 million the previous quarter, according to Mr. O'Grady.
Net income for the third quarter rose to $170.4 million, an increase of 12.1% from the previous quarter and an increase of 9.5% from the third quarter of 2010.
Assets under custody equaled $4.17 trillion as of Sept. 30, a 5.5% drop from the previous quarter but still 6.8% higher than the previous year.
Consolidated revenue was $971.5 million in the third quarter, up 2.8% from the previous quarter and an increase of 9.2% from the third quarter of 2010.
