Northern Trust's assets rise 7% in quarter, 13% in year

Northern Trust reported first-quarter assets under management Tuesday totaling $810.2 billion, up 7% from the previous quarter and up 13% from the previous year.

The overall asset growth was driven by net new inflows and favorable equity markets, according to a news release.

Corporate and institutional assets increased to $604.2 billion, up 8% from the previous quarter and up 12% from the previous year, according to an earnings statement.

Corporate and institutional assets under custody increased to $4.5 trillion, up 5% from the previous quarter and up 9% from the year before.

Consolidated revenue for the first quarter was $976.4 million, up 1% from the previous quarter as well as the previous year. Revenue from corporate and institutional trust, investment and other servicing fees totaled $348.7 million, up 4.4% from the previous quarter and up 10% from the previous year.

Consolidated net income in the first quarter totaled $164 million, down 2% from the previous quarter and up 2% from the prior year.