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Northern Trust's Business Segments
Northern Trust's reported revenue by business segment and by geographic region, quarterly and annual, normalized against the consolidated income statement. Free below: the top 3 rows per table, this quarter and this fiscal year. Subscriber access adds the full segment history and operating income by segment.
Segment Data As of Q1 FY2026
Reportable Segments
8
Largest Segment
ASSET SERVICING
Total Revenue
$ 2,209
Regions Reported
-
Revenue Share by Reportable Segment - Q1 FY2026
- ASSET SERVICING55.4%
- Investment Management and Advisory52.9%
- WEALTH MANAGEMENT44.1%
- Custody and Fund Administration39.8%
- Other Trust, Investment, and Other Servicing Fees4.9%
- Securities Commission and Trading3.8%
- Securities Lending2%
- Products and Services, Other Operating Income1.5%
Revenue by Reportable Segment - Q1 FY2026
| Segment | Revenue (Millions) | % of Total |
|---|---|---|
| ASSET SERVICING | $ 1,498 | 55.4% |
| Investment Management and Advisory | $ 1,430 | 52.9% |
| WEALTH MANAGEMENT | $ 1,193 | 44.1% |
5 more segments available
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Description of Northern Trust
Northern Trust Corporation is a prominent bank holding company that was established in 1971 and is headquartered in Chicago, Illinois. It primarily serves the financial needs of affluent individuals, families, and institutional clients through a variety of banking and financial services. The Corporation was organized specifically to oversee and hold all outstanding shares of The Northern Trust Company, its main banking subsidiary.
Structure and Subsidiaries
Northern Trust Corporation operates a diversified structure with several key components:
1. The Northern Trust Company: This is the principal subsidiary and functions as a banking corporation in Illinois. It provides a wide range of services including personal banking, wealth management, and fiduciary services.
2. National Bank Subsidiaries: Northern Trust has multiple national bank subsidiaries located in various states including Arizona, California, Colorado, Florida, and Texas. These subsidiaries extend the reach of the company, allowing it to serve a broader client base across the United States.
3. Federal Savings Bank Subsidiary: In addition to its national banks, Northern Trust operates a federal savings bank with branches in states such as Connecticut, Georgia, Massachusetts, Michigan, Missouri, Nevada, New York, Ohio, Washington, and Wisconsin. This entity focuses on residential mortgages and savings products.
4. Trust Companies: The Corporation also has trust company operations in locations such as New York and Connecticut. These entities specialize in manage fiduciary accounts and related services.
5. Nonbanking Subsidiaries: Northern Trust operates a variety of nonbanking subsidiaries that enhance its service portfolio:
- An investment management company is associated with the Bank, focused on serving institutional and individual investors.
- A securities brokerage firm that facilitates trading and investment services.
- An institutional investment management company that focuses on asset management for pensions, endowments, and other large institutional clients.
Services Offered
Northern Trust Corporation provides a comprehensive suite of financial services that cater to both high-net-worth individuals and institutional clients. These services include:
- Wealth Management: Tailored investment strategies, financial planning, estate and tax planning, and personalized banking services.
- Investment Management: Active and passive portfolio management, customized investment strategies, and solutions to meet various client needs.
- Trust and Estate Services: Comprehensive trust administration and estate settlement services designed to manage and preserve wealth across generations.
- Custody Services: Global custody and fund administration services for institutional clients, ensuring the safekeeping of client assets.
- Banking Services: A range of personal banking options including checking and savings accounts, mortgages, and lending facilities.
Market Position
Northern Trust Corporation has established itself as a leader in the asset management sector, especially known for its expertise in servicing wealthy individuals and institutional clients. The firm consistently ranks among the top financial services organizations when it comes to custody and fund administration.
Commitment to Innovation
The Corporation emphasizes innovation in its operations, increasingly investing in technology solutions to enhance client services. This includes advancements in financial technology (FinTech) that improve the efficiency of transactions and the customer experience. Being at the forefront of change, Northern Trust embraces digital transformation as a means to deliver superior value to its clients.
Corporate Responsibility
Northern Trust Corporation is also committed to corporate responsibility, integrating environmental, social, and governance (ESG) factors into its business practices. The Corporation actively engages in community development and sustainability initiatives, reflecting its dedication to creating a positive impact on society.
Financial Performance
Financially, Northern Trust has demonstrated resilience and growth, reporting solid earnings and maintaining a strong capital position. The Corporation has strategically positioned itself to withstand economic challenges while capitalizing on growth opportunities within its sectors.
Conclusion
Northern Trust Corporation stands as a multifaceted financial institution with a solid foundation of history and expertise. By providing a diverse array of services and maintaining a focus on client needs, the Corporation continues to play a significant role in the financial services industry. Its established brand, coupled with a commitment to innovation and responsible practices, positions Northern Trust well for continued success in the evolving landscape of finance.
Structure and Subsidiaries
Northern Trust Corporation operates a diversified structure with several key components:
1. The Northern Trust Company: This is the principal subsidiary and functions as a banking corporation in Illinois. It provides a wide range of services including personal banking, wealth management, and fiduciary services.
2. National Bank Subsidiaries: Northern Trust has multiple national bank subsidiaries located in various states including Arizona, California, Colorado, Florida, and Texas. These subsidiaries extend the reach of the company, allowing it to serve a broader client base across the United States.
3. Federal Savings Bank Subsidiary: In addition to its national banks, Northern Trust operates a federal savings bank with branches in states such as Connecticut, Georgia, Massachusetts, Michigan, Missouri, Nevada, New York, Ohio, Washington, and Wisconsin. This entity focuses on residential mortgages and savings products.
4. Trust Companies: The Corporation also has trust company operations in locations such as New York and Connecticut. These entities specialize in manage fiduciary accounts and related services.
5. Nonbanking Subsidiaries: Northern Trust operates a variety of nonbanking subsidiaries that enhance its service portfolio:
- An investment management company is associated with the Bank, focused on serving institutional and individual investors.
- A securities brokerage firm that facilitates trading and investment services.
- An institutional investment management company that focuses on asset management for pensions, endowments, and other large institutional clients.
Services Offered
Northern Trust Corporation provides a comprehensive suite of financial services that cater to both high-net-worth individuals and institutional clients. These services include:
- Wealth Management: Tailored investment strategies, financial planning, estate and tax planning, and personalized banking services.
- Investment Management: Active and passive portfolio management, customized investment strategies, and solutions to meet various client needs.
- Trust and Estate Services: Comprehensive trust administration and estate settlement services designed to manage and preserve wealth across generations.
- Custody Services: Global custody and fund administration services for institutional clients, ensuring the safekeeping of client assets.
- Banking Services: A range of personal banking options including checking and savings accounts, mortgages, and lending facilities.
Market Position
Northern Trust Corporation has established itself as a leader in the asset management sector, especially known for its expertise in servicing wealthy individuals and institutional clients. The firm consistently ranks among the top financial services organizations when it comes to custody and fund administration.
Commitment to Innovation
The Corporation emphasizes innovation in its operations, increasingly investing in technology solutions to enhance client services. This includes advancements in financial technology (FinTech) that improve the efficiency of transactions and the customer experience. Being at the forefront of change, Northern Trust embraces digital transformation as a means to deliver superior value to its clients.
Corporate Responsibility
Northern Trust Corporation is also committed to corporate responsibility, integrating environmental, social, and governance (ESG) factors into its business practices. The Corporation actively engages in community development and sustainability initiatives, reflecting its dedication to creating a positive impact on society.
Financial Performance
Financially, Northern Trust has demonstrated resilience and growth, reporting solid earnings and maintaining a strong capital position. The Corporation has strategically positioned itself to withstand economic challenges while capitalizing on growth opportunities within its sectors.
Conclusion
Northern Trust Corporation stands as a multifaceted financial institution with a solid foundation of history and expertise. By providing a diverse array of services and maintaining a focus on client needs, the Corporation continues to play a significant role in the financial services industry. Its established brand, coupled with a commitment to innovation and responsible practices, positions Northern Trust well for continued success in the evolving landscape of finance.
Northern Trust Corporation is a distinguished financial services organization that offers a broad spectrum of products and services tailored to meet the diverse needs of institutional clients and high-net-worth individuals. The company operates primarily through three key segments: Corporate and Institutional Services (C&IS), Personal Financial Services (PFS), and Northern Trust Global Investments (NTGI). Each segment is carefully designed to address specific client requirements, ensuring that Northern Trust can provide comprehensive and specialized financial solutions.
Corporate and Institutional Services (C&IS)
Leadership: Frederick H. Waddell serves as the President of Corporate and Institutional Services.
C&IS is a globally recognized provider of extensive asset management, administration, and related services aimed at various institutional clients, including corporate and public retirement funds, foundations and endowments, fund managers, insurance companies, and government funds. The core services in this segment include:
- Master Trust and Master Custody: Northern Trust offers robust master trust and custody services that are critical for the effective management and protection of clients’ assets. This service ensures that institutional clients have a comprehensive solution for asset safeguarding, monitoring, and reporting.
- Settlement and Reporting: The company facilitates timely trade settlements while providing detailed reporting services. This capability is essential for clients to accurately track and assess their investment portfolios, ensuring transparency and informed decision-making.
- Cash Management: C&IS delivers advanced cash management solutions, designed to optimize cash flow and mitigate liquidity risks. These services help institutional clients manage their working capital efficiently, allowing for seamless operational cash flows.
- Investment Risk and Analytical Services: This service includes sophisticated risk analysis tools and investment performance measurement, providing clients with critical insights that enable them to navigate complex investment landscapes confidently.
- Trust and Custody Relationships: C&IS manages a range of trust and custody relationships. This encompasses additional tailored services such as asset management, securities lending, transition management, and commission recapture services, which are facilitated primarily through Northern Trusts Global Investments unit.
Personal Financial Services (PFS)
Leadership: William L. Morrison is the current President of Personal Financial Services.
PFS is dedicated to offering personalized financial solutions to individual clients, focusing on wealth management and financial planning. The suite of services available under this segment includes:
- Personal Trust and Custody Services: This includes services that safeguard and manage individual clients wealth, ensuring that it is preserved effectively for future generations.
- Investment Management Services: PFS provides customized investment strategies tailored to the personal goals and risk tolerances of individual clients. This personalized approach ensures that clients investment needs are aligned with their long-term objectives.
- Individual Retirement Accounts (IRAs): Northern Trust offers a variety of IRA options, enabling clients to save for retirement in a tax-efficient manner. These products help clients navigate the complexities of retirement planning while maximizing their retirement savings potential.
- Guardianship and Estate Administration: This vital service assists clients in managing the estates of deceased family members, ensuring compliance with legal requirements and facilitating the smooth transition of inherited assets to the heirs.
- Banking Services: PFS encompasses a wide range of banking products, including private banking solutions tailored to high-net-worth individuals, as well as residential real estate mortgage lending. These offerings provide clients with comprehensive financial management capabilities.
- Geographic Reach: PFS has established a significant presence with a network of national bank subsidiaries across several states, including Illinois, Arizona, California, Colorado, Florida, and Texas. The segment has recently expanded its footprint into New York and Connecticut, with a total of 82 offices spanning 15 states.
Northern Trust Global Investments (NTGI)
Leadership: Terence J. Toth is the President of Northern Trust Global Investments.
NTGI plays a pivotal role in providing investment management services to both institutional and individual clients, focusing on delivering a vast range of investment strategies. Key offerings in this segment include:
- Investment Management Services: NTGI provides a diverse array of investment strategies, encompassing both active and passive management across various asset classes, including equity and fixed income. This diversity allows clients to select investment approaches that align closely with their investment goals.
- Separately Managed Accounts (SMAs): Clients can take advantage of customized investment portfolios that are specifically tailored to their unique risk-return profiles, enhancing their ability to meet specific financial objectives.
- Collective Investment Funds: NTGI manages a variety of bank common and collective funds, as well as registered and non-registered funds suitable for different investor types, which aids in diversifying investment opportunities.
- Brokerage and Securities Lending: The division provides essential brokerage services in conjunction with securities lending solutions, enhancing liquidity and potentially increasing returns for clients.
- International Operations: NTGIs international presence is bolstered through subsidiaries, joint ventures, and distribution partnerships in key markets, including Canada, France, Germany, Ireland, Italy, Japan, the U.K. and the Cayman Islands. This global reach enables Northern Trust to serve clients with international investment needs effectively.
- Alternative Investment Products: Following the company’s designation as a financial holding company under the Gramm-Leach-Bliley Act, NTGI has broadened its service offerings to include a wider array of alternative investment products, thereby expanding their capabilities to meet varied client investment strategies.
Summary
In summary, Northern Trust Corporation operates a diverse and multifaceted business that combines deep expertise and tailored solutions across asset management, banking, and financial services. This integrative structure enables Northern Trust to address the complex financial needs of a wide array of clients, including both institutional entities and individual investors, effectively positioning the organization as a leader in the financial services industry.
Corporate and Institutional Services (C&IS)
Leadership: Frederick H. Waddell serves as the President of Corporate and Institutional Services.
C&IS is a globally recognized provider of extensive asset management, administration, and related services aimed at various institutional clients, including corporate and public retirement funds, foundations and endowments, fund managers, insurance companies, and government funds. The core services in this segment include:
- Master Trust and Master Custody: Northern Trust offers robust master trust and custody services that are critical for the effective management and protection of clients’ assets. This service ensures that institutional clients have a comprehensive solution for asset safeguarding, monitoring, and reporting.
- Settlement and Reporting: The company facilitates timely trade settlements while providing detailed reporting services. This capability is essential for clients to accurately track and assess their investment portfolios, ensuring transparency and informed decision-making.
- Cash Management: C&IS delivers advanced cash management solutions, designed to optimize cash flow and mitigate liquidity risks. These services help institutional clients manage their working capital efficiently, allowing for seamless operational cash flows.
- Investment Risk and Analytical Services: This service includes sophisticated risk analysis tools and investment performance measurement, providing clients with critical insights that enable them to navigate complex investment landscapes confidently.
- Trust and Custody Relationships: C&IS manages a range of trust and custody relationships. This encompasses additional tailored services such as asset management, securities lending, transition management, and commission recapture services, which are facilitated primarily through Northern Trusts Global Investments unit.
Personal Financial Services (PFS)
Leadership: William L. Morrison is the current President of Personal Financial Services.
PFS is dedicated to offering personalized financial solutions to individual clients, focusing on wealth management and financial planning. The suite of services available under this segment includes:
- Personal Trust and Custody Services: This includes services that safeguard and manage individual clients wealth, ensuring that it is preserved effectively for future generations.
- Investment Management Services: PFS provides customized investment strategies tailored to the personal goals and risk tolerances of individual clients. This personalized approach ensures that clients investment needs are aligned with their long-term objectives.
- Individual Retirement Accounts (IRAs): Northern Trust offers a variety of IRA options, enabling clients to save for retirement in a tax-efficient manner. These products help clients navigate the complexities of retirement planning while maximizing their retirement savings potential.
- Guardianship and Estate Administration: This vital service assists clients in managing the estates of deceased family members, ensuring compliance with legal requirements and facilitating the smooth transition of inherited assets to the heirs.
- Banking Services: PFS encompasses a wide range of banking products, including private banking solutions tailored to high-net-worth individuals, as well as residential real estate mortgage lending. These offerings provide clients with comprehensive financial management capabilities.
- Geographic Reach: PFS has established a significant presence with a network of national bank subsidiaries across several states, including Illinois, Arizona, California, Colorado, Florida, and Texas. The segment has recently expanded its footprint into New York and Connecticut, with a total of 82 offices spanning 15 states.
Northern Trust Global Investments (NTGI)
Leadership: Terence J. Toth is the President of Northern Trust Global Investments.
NTGI plays a pivotal role in providing investment management services to both institutional and individual clients, focusing on delivering a vast range of investment strategies. Key offerings in this segment include:
- Investment Management Services: NTGI provides a diverse array of investment strategies, encompassing both active and passive management across various asset classes, including equity and fixed income. This diversity allows clients to select investment approaches that align closely with their investment goals.
- Separately Managed Accounts (SMAs): Clients can take advantage of customized investment portfolios that are specifically tailored to their unique risk-return profiles, enhancing their ability to meet specific financial objectives.
- Collective Investment Funds: NTGI manages a variety of bank common and collective funds, as well as registered and non-registered funds suitable for different investor types, which aids in diversifying investment opportunities.
- Brokerage and Securities Lending: The division provides essential brokerage services in conjunction with securities lending solutions, enhancing liquidity and potentially increasing returns for clients.
- International Operations: NTGIs international presence is bolstered through subsidiaries, joint ventures, and distribution partnerships in key markets, including Canada, France, Germany, Ireland, Italy, Japan, the U.K. and the Cayman Islands. This global reach enables Northern Trust to serve clients with international investment needs effectively.
- Alternative Investment Products: Following the company’s designation as a financial holding company under the Gramm-Leach-Bliley Act, NTGI has broadened its service offerings to include a wider array of alternative investment products, thereby expanding their capabilities to meet varied client investment strategies.
Summary
In summary, Northern Trust Corporation operates a diverse and multifaceted business that combines deep expertise and tailored solutions across asset management, banking, and financial services. This integrative structure enables Northern Trust to address the complex financial needs of a wide array of clients, including both institutional entities and individual investors, effectively positioning the organization as a leader in the financial services industry.