Fees for trust, investment and other services are the largest driver of the firm's non-interest income.

Northern Trust’s assets under management rose by 3 per cent year-on-year to $1.202 trillion in the three months to September 30, while assets under custody/administration rose by 7 per cent over the same period to $11.57 trillion, it said yesterday. 

Wealth management trust, investment and other servicing fees rose by 4 per cent from the same three months a year ago to $415.5 million, Northern Trust said in a statement. 

Across the whole of the Chicago-based group, Northern Trust said Q3 net income per diluted common share was $1.69, compared with $1.58 in the third quarter of 2018 and $1.75 in the second quarter of 2019. Net income was $384.6 million, compared with $374.5 million in the prior-year quarter and $389.4 million in the prior quarter.

Total consolidated trust, investment and other servicing fees came in at $975.5 million, a rise of 4 per cent from a year earlier, it said. Such fees are the largest component of Northern Trust’s non-interest income. Net interest income, on a fully-taxable equivalent basis, rose by 2 per cent, standing at $425.3 million in Q3 this year.