(updated with correction)
Northern Trust reported $716.5 billion in assets under management in the first quarter, up 8% from both the previous quarter and the first three months of 2011.
Corporate and institutional assets totaled $537.4 billion in the latest quarter, up 10% from the previous quarter and 9% higher than the previous year.
Assets under custody were $4.595 trillion as of March 31, up 8% from the previous quarter and 5% higher than a year earlier.
Net income was $161.2 million, up 24% from the prior quarter and 7% from the first quarter 2011.
Total revenue was $965.4 million, a 1% increase from the fourth quarter and an 8% rise from the first quarter of last year.
“Our performance in the first quarter reflects strong new business, higher equity markets and disciplined expense management,” said Frederick H. Waddell, Northern Trust's chairman and CEO, in a statement.