Northern Trust Corporation  (NTRS)
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    Sector  Financial    Industry Money Center Banks
   Industry Money Center Banks
   Sector  Financial

Northern Trust Corporation

Business Description

Northern Trust Corporation (Corporation) was organized as a bank holding company in Delaware in 1971 to hold all of the outstanding capital stock, except directors’ qualifying shares, of The Northern Trust Company (Bank), an Illinois banking corporation headquartered in the Chicago financial district and the Corporation’s principal subsidiary.

The Corporation also owns national bank subsidiaries with offices in Arizona, California, Colorado, Florida and Texas, a federal savings bank subsidiary with offices in Connecticut, Georgia, Massachusetts, Michigan, Missouri, Nevada, New York, Ohio, Washington and Wisconsin, trust companies in New York and Connecticut and various other nonbank subsidiaries, including an investment management company owned through the Bank, a securities brokerage firm and an institutional investment management company.

The Corporation expects that, although the operations of other banking and non-banking subsidiaries will continue to be of increasing significance, the Bank will in the foreseeable future continue to be the major source of the Corporation’s assets, revenues and net income.

The Bank currently has 18 banking offices in the Chicago area and the following active wholly-owned subsidiaries. Northern Trust Investments, N.A., a registered investment adviser (formerly known and conducting business as Northern Trust Investments, Inc.), provides investment management services and products to domestic and international institutional clients. Norlease, Inc. conducts leasing and leasing-related lending activities. MFC Company, Inc. holds properties that are received from the Bank in connection with certain problem loans.

NT Mortgage Holdings LLC, a real estate investment trust, holds a 100% participation in a significant portion of the Bank’s residential mortgage portfolio, and its parent, NTG Services LLC, conducts market and other studies for the Bank’s global businesses. Nortrust Nominees Limited, located in London, is a United Kingdom (U.K.) trust corporation organized to hold U. K. real estate and securities for trust and agency accounts.

The Northern Trust Company U.K. Pension Plan Limited, located in London, was established in connection with the pension plan for London-based employees. Northern Trust Holdings Limited is the holding company for Northern Trust Global Services Limited, a U.K. incorporated bank subsidiary established in the fourth quarter 2003 with authority to conduct a broad range of banking and other activities in the U.K. and, directly or indirectly through other subsidiaries or affiliates, in member states of the European Economic Area.

The Northern Trust Company, Canada, located in Toronto, offers institutional trust products and services to Canadian entities.

Also a subsidiary of the Bank, The Northern Trust International Banking Corporation, located in New York, is an Edge Act corporation organized for the purpose of conducting international business. Its business is conducted through the following subsidiaries. Northern Trust (Ireland) Limited, through its three principal subsidiaries, provides trust, custody, fund administration, fund accounting and shareholder registration services to international fund sponsors offering off-shore investment funds.

Northern Trust Fund Managers (Ireland) Limited facilitates the offering of off-shore collective investment products to institutional clients. Northern Trust Global Investments (Europe) Limited, a registered investment adviser, provides investment management services to institutional clients in the U. K. and continental Europe. The Northern Trust Company of Hong Kong Limited provides securities lending and relationship servicing for large asset custody clients in Asia and the Pacific Rim. Northern Trust Management Services Limited provides management services to the Bank’s London Branch, Northern Trust Global Services Limited and other Northern Trust entities in the U. K. and continental Europe.

Northern Trust’s principal business strategy is to provide quality financial services to targeted markets in which it believes it has a competitive advantage and favorable growth prospects. As part of this strategy, Northern Trust seeks to deliver a level of service to its clients that distinguishes it from its competitors. In addition, Northern Trust emphasizes the development and growth of recurring sources of fee-based income and is one of a select group of major bank holding companies in the United States that generates more revenues from fee-based services than from net interest income.

Northern Trust seeks to develop and expand its recurring fee-based revenue by identifying selected markets with good growth characteristics and providing a high level of individualized service to its clients in those markets. Northern Trust also seeks to preserve its asset quality through established credit review procedures and to maintain a conservative balance sheet. Finally, Northern Trust seeks to operate with a strong management team that includes senior officers having broad experience and long tenure.

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