Northern Trust Corp. reported $1.07 trillion in assets under management as of Dec. 31, down 8.8% from Sept. 30 and down 7.9% from Dec. 31, 2017, the company said in its earnings statement Wednesday.
Northern Trust reported $791 billion in corporate and institutional assets under management as of Dec. 31, down 9.7% from three months earlier and down 9.2% from 12 months earlier.
Wealth management AUM totaled $279 billion, a decrease of 5.7% from Sept. 30 and down 3.8% from Dec. 31, 2017.
Northern Trust does not report net flows.
Fourth-quarter investment management fees totaled $105 million, down 3.7% from the third quarter and down 0.9% from the fourth quarter of 2017.
Assets under custody and administration totaled $10.125 trillion, a 6.5% decrease from Sept. 30 and a 5.6% decrease from Dec. 31, 2017. Custody and fund administration fees of $376 million in the fourth quarter were up a slight 0.3% from the third quarter and up 1.9% from the fourth quarter of 2017.
Northern Trust's overall revenue in the quarter ended Dec. 31 totaled $1.517 billion, up 2.2% from the previous quarter and 5.3% higher than the year-earlier quarter.
Net income of $410 million in the quarter increased 9.3% from the third quarter and was up 14.8% from the fourth quarter of 2017.
Northern Trust's fourth-quarter results included a $5.7 million charge related to severance and restructuring, Mr. Bowman said in his presentation to analysts.