Northern Trust has posted net income of $298.4m for the third quarter (Q3) ended 30 September 2017, a 16% surge compared to $257.6m in the year ago period.

The company’s revenues during the reporting period was $1.35bn, up by 11% from $1.22bn in the corresponding period of 2016.

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Trust, investment and other servicing fees were $867.9m, a 10% rise from $788.3m in the previous year period.

Assets under custody/administration at the end of September 2017 totalled $9.69 trillion, up by 14% from $8.49 trillion the last year.

Assets under custody/administration in the group’s wealth management arm were $633.2bn.

Wealth Management trust, investment and other servicing fees were $366.8m, a 9% rise from $337.5m a year ago.

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Northern Trust chairman and CEO Frederick Waddell said: “Our third quarter results continued to demonstrate our ability to drive top-line growth with revenue increasing 11% compared to one year ago.

“Assets under custody/administration and assets under management ended the quarter up 14% and 19%, respectively, compared to a year ago, reflecting higher markets and our continued success in winning new business.

“On October 2, 2017, we announced the closing of our acquisition of UBS Asset Management’s fund administration units in Luxembourg and Switzerland, further underpinning our growth strategy in Continental Europe.

“With our ‘Value For Spend’ initiative, we plan to reduce our expense run-rate by approximately $250 million by 2020.”