Lending results at Northern Trust follow seasonal trend
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Lending results at Northern Trust follow seasonal trend 22 October 2013Chicago Reporter: Georgina Lavers
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Lending revenue in Q3 2013 for Northern Trust declined by 5 percent year-on-year, and 27 percent sequentially, due to the seasonally high second quarter.
Securities lending revenue was recorded at $22.7 million for the third quarter of 2013.
Trust, investment and other servicing fees were up 8 percent year-on-year due to favorable equity markets and new business but declined 1 percent versus the prior quarter due to higher money market fee waivers and lower securities lending revenues, said the bank.
Northern Trust’s assets under custody have increased by 10 percent year-on-year, and 5 percent sequentially, for its third quarter results this year.
AUC for 3Q 2013 for the bank was recorded at $5.24 trillion. Global custody assets were $3.01 trillion, and assets under management were $846 billion.
Custody and fund administration revenue was $239.4 million for the quarter, increasing by 12 percent year-on-year, and by 2 percent sequentially.
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