Northern Trust Corporation reports 16 percent rise in assets under custody
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Northern Trust Corporation reports 16 percent rise in assets under custody 25 July 2017London Reporter: Jenna Lomax
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The bank’s total assets under custody rose from $6.35 trillion to $7.38 trillion between Q2 2016 to Q2 2017.
Northern Trust suggested that the positive result is due to “strong growth in client assets”.
Custody and administration fees saw a 12 percent increase compared to Q2 last year, reaching $327.5 million.
The report said: “Trust, investment and other servicing fees increased primarily due to favorable equity markets and new business”.
However, it also indicated that the results were “partially offset by the unfavorable impact of movements in foreign exchange rates”.
Elsewhere, total assets under management increased by 14 percent from $906.2 billion in Q2 2016 to $1.01 trillion in Q2 2017.
Frederick Waddell, chairman and CEO of Northern Trust, said: “We remain committed to driving efficiencies in our cost base for the long term, while continuing to invest in people, technology, and regulatory initiatives to support our growing businesses.”
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