Northern Trust on Wednesday reported $704.3 billion in assets under management in the second quarter, a 1.7% drop from the previous quarter and up 3% from the second quarter of 2011.
Corporate and institutional assets totaled $528.4 billion as of June 30, also down 1.7% from the previous quarter. Those assets increased 3.2% from the previous year, according to Northern Trust's second-quarter earnings statement.
Total assets under custody totaled $4.564 trillion in the second quarter, a 0.7% drop from the previous quarter and an increase of 3.4% from the second quarter of 2011.
Net income was $179.6 million in the second quarter, an increase of 11% from the previous quarter and up 18% from the second quarter of 2011.
Total revenue was $988.5 billion, a 2.4% increase from the previous quarter and a 4.6% increase from the second quarter of 2011.
“Trust, investment and other servicing fees, the largest component of our revenues, exhibited attractive growth and achieved the highest level since the second quarter of 2008,” said Frederick H. Waddell, chairman and CEO, in a news release. “New business from both person and institutional clients was, yet again, a significant contributor to fee growth.”