Northern Trust’s assets under custody/administration increased 15% in the second quarter, taking its total to around $9.3 trillion.
Fees for custody and fund administration increased 12% year-on-year to $327.5 million, while securities lending revenue decline 8% to $24.6 million.
Northern Trust said custody and fund administration fees increased due to “new business and favourable equity markets, partially offset by the unfavourable impact of movements in foreign exchange rates.”
Total revenue at the Chicago-based custodian remained flat in the quarter at $1.3 billion.
“We remain committed to driving efficiencies in our cost base for the long term, while continuing to invest in people, technology, and regulatory initiatives to support our growing businesses,” said Frederick Waddell, chairman and CEO, Northern Trust.
BNY Mellon earlier reported a consecutive record in assets under custody/administration of $31.1 trillion, up 5% year-on-year.