Northern Trust reported an increase of 12% in revenues from custody and fund administration fees during the second quarter of this year.
Revenue from the business units reached $293.6 million during the quarter, helping boost earnings from its Corporate & Institutional Services to $432 million, up 9%.
According to a release from Northern Trust, the increase was driven by new business and higher equity markets. During the quarter, Northern Trust achieved several new global custody mandates with large pension’s funds based in the U.K. and Sweden.
Total assets under custody were up 3% in the quarter to over $6.1 trillion.
However securities lending earnings decreased 11% to $26.8 million due to changes in its fees arrangements, the bank says.