Northern Trust Corp. reported $1.149 trillion in assets under management as of June 30, down 1% from March 31 but up 12% from the same period a year prior, the company said in its earnings statement released Wednesday.
Northern Trust reported $862.1 billion in corporate and institutional assets under management as of June 30, down 2% from March 31 but up 13% from June 30, 2017. Wealth management AUM totaled $286.8 billion, flat from the previous quarter but up 8% from the prior June.
Northern Trust does not report net flows.
Second-quarter investment management fees totaled $113 million, up 3% from the previous quarter and 14% year over year.
In the firm's quarterly earnings call held on Wednesday, S. Biff Bowman, executive vice president and chief financial officer, attributed the year-over-year increase in AUM to "favorable markets and new business flows," and the quarterly AUM decline to "lower end-of-period securities lending collateral levels as well as unfavorable moves in currency exchange rates."
The company's assets under custody as of June 30 totaled $8.102 trillion, relatively flat from the $8.112 trillion from three months earlier and up 10% from June 30, 2017. Total assets under custody and administration were $10.71 trillion, down 1% from March 31 but 15% higher than the year-earlier period.
Custody and fund administration fees of $376.7 million as of June 30 were up 1% from the first quarter and up 15% from the second quarter of 2017.
Second-quarter overall revenue at Northern Trust was $1.52 billion, up 2% from the previous quarter and 14% higher than the year-earlier quarter. Net income of $390.4 million was up 2% from the first quarter and up 46% from the second quarter of 2017.