Northern Trust's assets up 9% for quarter, flat for year

Northern Trust Corp. reported $1.16 trillion in assets under management as of March 31, up 9% from Dec. 31 but flat from March 31, 2018, the company said in its earnings statement released Tuesday.

Northern Trust reported $867.9 billion in corporate and institutional assets under management as of March 31, up 10% from three months earlier but down 1% from 12 months earlier. Wealth management AUM totaled $294.2 billion, a 6% increase from Dec. 31 and 2% rise from March 31, 2018.

Northern Trust does not report net flows.

"Northern Trust's performance during the first quarter of 2019 was resilient despite the impact of a challenging macroeconomic environment," said Michael O'Grady, chairman, president and CEO, in the statement. "Our balanced business model continued to drive organic fee growth while we maintained our focus on differentiated client service and solutions."

First-quarter investment management fees totaled $104 million in the quarter, down 1% from the previous quarter and down 5% from the year-earlier quarter.

The company's assets under custody as of March 31 totaled $8.2 trillion, up 8% from Dec. 31 and up 1% from March 31, 2018. Total assets under custody and administration were $10.93 trillion, up 8% from three months earlier and a 1% increase from a year earlier.

Custody and fund administration fees of $375.1 million in the first quarter were flat from both the fourth quarter and the first quarter of 2018.

Northern Trust's overall revenue for the first quarter totaled $1.5 billion, down 2% from the previous quarter and flat from the year-earlier quarter. Net income of $374.1 million in the quarter was down 15% from the fourth quarter and down 9% from the first quarter of 2018.