American asset manager Northern Trust has reported a decrease in income for the first quarter of 2019, while assets under management (AuM) at its wealth management division have risen.

Net income for the group in Q1 2019 was $347.1m, a decrease of 9% from $381.6m in the previous year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The firm’s revenues remained almost stable at $1.48bn.

Assets under custody/administration at the end of March 2019 totalled $10.93 trillion, up 1% from $10.78 trillion a year ago.

Assets under custody/administration in the group’s wealth management arm increased 5% year-on-year to $688.5bn.

The firm’s assets under management as of 31 March 2019 totalled $1.16 trillion, almost unchanged compared to last year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Assets under management in the group’s wealth management division rose 2% to $294.2bn from $287.4bn.

Trust, investment and other servicing fees for the quarter ended 31 March 2019 were $928.9m. This marks a 1% fall from $937.7m last year.

Northern Trust chairman and CEO Michael O’Grady said: “Northern Trust’s performance during the first quarter of 2019 was resilient despite the impact of a challenging macroeconomic environment.

“Our balanced business model continued to drive organic fee growth while we maintained our focus on differentiated client service and solutions.

“We generated a return on equity of 14% and returned $391 million to common shareholders through dividends and the repurchase of more than 2.8 million shares.

“We remain focused on investing for future growth of our wealth management, asset management and asset servicing businesses while also improving productivity.”