Northern Trust Corp.'s assets under management totaled $900 billion as of March 31, up 3% from the previous quarter but down 6% year-over-year, said the firm's first-quarter earning statement released Tuesday.
Corporate and institutional assets under management reached $669.9 billion in the first quarter of 2016, up 3% from Dec. 31 but down 8% from 12 months earlier.
The bank's corporate and institutional assets under custody totaled $6.211 trillion as of March 31, up 2% from both the end of 2015 and March 31, 2015.
Investment management fees totaled $89.1 million in the quarter, up 4% from the three months ended Dec. 31 and up 17% from the first quarter of 2015, primarily driven by lower money market mutual fund fee waivers.
Northern Trust reported revenue of $1.19 billion as of March 31, up 3% from Dec. 31 and up 5% from March 31, 2015.
Net income was $241.8 million for the quarter, up 1% from the fourth quarter of 2014 and up 5% from the year-over-year quarter.
