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Money Management

Northern Trust assets up 2% in quarter, 4.1% for year

Northern Trust Corp. reported $1.172 trillion in assets under management as of Sept. 30, up 2% from June 30 and a 4.1% from Sept. 30, 2017, the company said in its earnings statement released Wednesday.

Northern Trust reported $876 billion in corporate and institutional assets under management as of Sept. 30, up 1.6% from three months earlier and up 4.2% from 12 months earlier. Wealth management AUM totaled $296 billion, a 3% increase from June 30 and up 3.9% from Sept. 30, 2017.

Northern Trust does not report net flows.

Third-quarter investment management fees totaled $109 million in the quarter, down 3.9% from the previous quarter but up 4.2% from the year-earlier quarter.

The company's assets under custody as of Sept. 30 totaled $8.189 trillion, up 1.1% from June 30 and up 5.6% from Sept. 30, 2017. Total assets under custody and administration were $10.83 trillion, up 1.1% from three months earlier and an 11.7% increase from a year earlier.

Custody and fund administration fees of $374.7 million in the third quarter were down 0.5% from the second quarter but up 10.8% from the third quarter of 2017.

Northern Trust's overall revenue for the third quarter totaled $1.48 billion, down 2% from the previous quarter but 9.4% higher than the year-earlier quarter. Net income of $374.5 million in the quarter was down 4.1% from the second quarter but up 25.5% from the third quarter of 2017.