Northern Trust has reported a 7 percent year-on-year growth in assets under custody and/or administration to $12.1 trillion, according to its Q2 2020 figures.
Of this, assets in wealth management made up $751.2 billion, marking an 8 percent increase compared to Q2 2019.
The asset servicing and investment management firm similarly reported a year-on-year 7 percent rise in assets under management to $1.25 trillion.
Northern Trust noted that new business has caused higher investment management fees, as well as higher spreads contributing to a growth in securities lending fees.
However, it was also acknowledged that unfavourable lagged markets had caused a decline in custody and fund administration fees.
Michael O’Grady, chairman and CEO of Northern Trust, commented: “We continue to focus on serving the needs of our clients, the communities of which we are a part and our employees as we navigate the ongoing COVID-19 pandemic and related environment.”
“As a part of this effort, during Q2 2020 we announced a commitment to provide $20 million over 5 years to expand access to resources that address essential human needs, including food, housing, healthcare and education, to bridge the gap that threatens the broader prosperity of our society.”
“We will continue to work closely with the communities we serve through philanthropic contributions, community investments and employee volunteer service,” O’Grady concluded.
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