Northern Trust sees sec lend revenue increase
29 January 2014 Chicago
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Securities lending revenue increased 7 percent at Northern Trust in Q4 2013, according to the bank鈥檚 latest financial report.
Investment, trust and other servicing fees at Northern Trust reached $673.8 million in Q4 2013, an 8 percent increase on the previous year.
The $51.2 million increase over Q4 2012鈥檚 $622.6 million 鈥減rimarily reflects new business and the favourable impact of equity markets, partially offset by higher waived fees in money market mutual funds鈥�.
Assets under custody and assets under management are the primary drivers of Northern Trust鈥檚 investment, trust and other servicing fees.
The bank鈥檚 corporate and institutional services (C&IS) and wealth management businesses had combined assets of $5.6 trillion under custody and $884.5 trillion under management in Q4 2013.
C&IS trust, investment and other servicing fees increased $26.8 million, or 8 percent, to $371.1 million in Q4 2013 from the prior year quarter鈥檚 $344.3 million.
Securities lending revenue at Northern Trust increased 7 percent, 鈥減rimarily reflecting higher volumes in the current quarter鈥�.
But revenue was down 4 percent in Q4 2013 on the previous quarter, due to lower volumes.
Northern Trust鈥檚 net income for Q4 2013 was $169.7 million, up 1 percent from $167.7 million in Q4 2012.
Q4 2013 included the $19.2 million pre-tax charge that was needed 鈥渢o resolve certain long-standing class action litigation related to the [bank鈥檚] securities lending programme鈥�.
Investment, trust and other servicing fees at Northern Trust reached $673.8 million in Q4 2013, an 8 percent increase on the previous year.
The $51.2 million increase over Q4 2012鈥檚 $622.6 million 鈥減rimarily reflects new business and the favourable impact of equity markets, partially offset by higher waived fees in money market mutual funds鈥�.
Assets under custody and assets under management are the primary drivers of Northern Trust鈥檚 investment, trust and other servicing fees.
The bank鈥檚 corporate and institutional services (C&IS) and wealth management businesses had combined assets of $5.6 trillion under custody and $884.5 trillion under management in Q4 2013.
C&IS trust, investment and other servicing fees increased $26.8 million, or 8 percent, to $371.1 million in Q4 2013 from the prior year quarter鈥檚 $344.3 million.
Securities lending revenue at Northern Trust increased 7 percent, 鈥減rimarily reflecting higher volumes in the current quarter鈥�.
But revenue was down 4 percent in Q4 2013 on the previous quarter, due to lower volumes.
Northern Trust鈥檚 net income for Q4 2013 was $169.7 million, up 1 percent from $167.7 million in Q4 2012.
Q4 2013 included the $19.2 million pre-tax charge that was needed 鈥渢o resolve certain long-standing class action litigation related to the [bank鈥檚] securities lending programme鈥�.
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