Northern Trust reported fourth-quarter assets under management totaling $758.9 billion, up 1.2% from the previous quarter and up 14.5% from the previous year.
The overall asset growth was driven by net new business and positive equity markets, according to a news release.
While there was overall asset growth, corporate and institutional assets dropped 0.7% from the previous quarter to $561.2 billion, but were up 14.7% from the previous year, according to an earnings statement.
Assets under custody increased slightly to $4.805 trillion, up 0.9% from the previous quarter and up 12.7% from the year before. Corporate and institutional assets under custody were $4.359 trillion, up 0.6% from the previous quarter and up 12.4% from the year before.
Consolidated revenue for the fourth quarter was $969.7 million, down 0.3% from the previous quarter, but revenue from trust, investment and other servicing fees totaled $622.6 million, up 3.4% from the previous quarter.
Consolidated net income was $167.7 million for the fourth quarter, down 6.2% from the previous quarter and up 28.8% from the year before.
