Northern Trust Corp.'s assets under management totaled $1.125 trillion as of Sept. 30, up 9% from three months earlier and up 19% from a year earlier, the company reported Wednesday in its earnings release.
The company’s corporate and institutional AUM of $840.7 billion was up 10% from June 30 and up 19% from a year earlier.
Northern Trust reported $7.754 trillion in assets under custody as of Sept. 30, up 5% from three months earlier and up 16% from 12 months earlier.
Northern Trust does not report net inflows.
Investment management fees of $104.3 million in the quarter ended Sept. 30 were up 5% from the previous quarter and up 10% from the year-over-year quarter. Custody and fund administration fees of $338.1 million in the third quarter were up 3% from the second quarter and up 13% from the third quarter of 2016.
Northern Trust reported total revenue of $1.36 billion in the quarter, up 2% from the previous quarter and up 11% from the year-earlier quarter. Net income of $298.4 million was up 11% from the previous quarter and up 16% from the year-over-year quarter.
Northern Trust also announced in its earnings statement plans to reduce its expense run-rate by approximately $250 million by 2020. Shundrawn Thomas, president of Northern Trust Asset Management, declined to offer any specifics as to how the asset management group would be affected by the cost-cutting plan.
Also, on Tuesday, Northern Trust announced that company President Michael G. O'Grady will also take on the CEO role on Jan. 1. He will replace Frederick H. Waddell, who will be resigning from the role. Mr. Waddell will remain as chairman.
Randy Diamond contributed to this story