Northern Trust's Wealth Management AuM Rises In Q1 From Year Ago

Tom Burroughes

19 April 2018

, the Chicago-headquartered financial group serving businesses such as wealth managers with custody and related offerings, said wealth management AuM rose 10 per cent year-on-year to $287.4 billion as at March 31 this year, but dropped 1 per cent on the previous three-month period.

In a statement earlier this week, Northern Trust said wealth management assets under custody rose 12 per cent year-on-year to $645.2 billion in the latest quarter.

For the group as a whole, Northern Trust reported first quarter net income per diluted common share of $1.58, compared to $1.09 in the first quarter of 2017 and $1.51 in the fourth quarter of 2017. Net income was $381.6 million, compared to $276.1 million in the prior-year quarter and $356.6 million in the prior quarter.

A year ago Northern Trust agreed to acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland, and that deal has brought in revenues, aiding the rise in trust, investment and other servicing fees. Those fees also rose because of favorable markets, new business, and positive forex movements, the firm said.