Northern Trust Corp. reported total assets under management of $923.3 billion as of Sept. 30, a 0.1% decrease from three months earlier but up 9.1% from a year earlier, said its third-quarter earnings release Wednesday.
Corporate and institutional assets under management totaled $702.9 billion at the end of the third quarter, up 0.2% from June 30, and up 10.8% from the previous year.
The bank's corporate and institutional assets under custody, meanwhile, dropped slightly to $5.403 trillion as of Sept. 30, down 1.5% from the previous quarter but rose 13.4% from a year earlier.
“Our financial performance in the third quarter of 2014 reflects continued growth in our business serving personal and institutional clients,” said Frederick H. Waddell, chairman and CEO of Northern Trust, in a news release. “Trust, investment and other servicing fees, which represent two-thirds of our revenue, increased 11% compared to last year. New business and higher equity markets contributed to strong growth in assets under custody and under management, which increased 13% and 9%, respectively,” year-over-year.
