Northern Trust Corp. reported assets under management of $846.2 billion as of Sept. 30, up 5.4% from three months earlier and up 12.9% from a year ago.
The firm's corporate and institutional AUM was $634.6 billion at the end of the quarter, a 5.7% increase from June 30, and a 12.2% jump from 12 months earlier.
The bank reported corporate and institutional assets under custody of $4.77 trillion, up 5% and 10% from June 30 and a year ago, respectively.
Revenue rose 8% from the third quarter of last year to $1.05 billion. The figure was 3% higher than the previous quarter.
Net income during the quarter was $206.5 million. An 8% bump from June 30 and a 15% increase from the prior year third quarter.
Frederick H. Waddell, chairman and CEO, attributed the firm's higher earnings to increases in “trust, investment and other servicing fees,” according to a company earnings release.
Increases in assets under custody and under management, Mr. Waddell said, reflect “our success in winning new clients and serving existing clients, as well as higher equity markets.”
