Norther Trust's third quarter reveals AUC growth 22 October 2013Chicago Reporter: Georgina Lavers
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Northern Trust’s assets under custody have increased by 10 percent year-on-year, and 5 percent sequentially, for its third quarter results this year.
AUC for 3Q 2013 for the bank was recorded at $5.24 trillion. Global custody assets were $3.01 trillion, and assets under management were $846 billion.
Custody and fund administration revenue was $239.4 million for the quarter, increasing by 12 percent year-on-year, and by 2 percent sequentially.
Trust, investment and other servicing fees were up 8 percent year-on-year due to favorable equity markets and new business but declined 1 percent versus the prior quarter due to higher money market fee waivers and lower securities lending revenues, said the bank.
Lending revenue declined by 5 percent year-on-year, and 27 percent sequentially. This was due to the seasonally high second quarter, said the bank.
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